WONG has been trapped on a sideway trend for the past 4 months. Yesterday, WONG rose 7 sen (+12.61%) to settle at RM0.62 which confirmed a ‘Bullish Pennant’ chart pattern. Meanwhile, its RSI indicator continued to hook upwards, signaling an increase in buying momentum. Traders who are looking to buy into the stock should target to take profit at RM0.97 (3 bids below the Pennant measurement objective of RM1.00), while placing a protective stop-loss at RM0.54 (also 3 bids below the resistance-turned-support level of RM0.57).

 

Source: Kenanga