PWROOT has been trading on a trend channel ranging from RM1.75-RM2.33 for the past 14-months. Yesterday, PWROOT’s share price rose 6 sen (+2.79%) to settle at RM2.21, staging a channel resistance breakout. Technically, the underlying share price is trending above all key moving averages. MACD is also on an uptrend, reinforcing positive view for the near term. Daily Stochastic and RSI are still hooking upwards, suggesting buying momentum is still building up. In short, we are bullish on the near term prospect, expecting it to retest its previous high of RM2.33 (R1) and possibly RM2.50 (R2) next.

 

Source: Kenanga