YTL’s daily chart
YTL may rise
further if it can stay above the broken resistance level. We highlighted this stock
late last month in view of its potential
to scale higher, and it has moved
favourably since. It appears to
have hit a new
resistance after breaking above the 5-year high of RM1.75 as it has been
moving sideways for the past 3 weeks.
Nonetheless, the uptrend is still alive as the stock closed back above
RM1.75, ignoring the weak bias from the “Black Candle” of last Friday.
Therefore, the uptrend is likely
to continue and a purchase can be made above RM1.75. A more conservative trade may be to wait for
a close above RM1.80 before entering. A close below the consolidation low of
RM1.65 can be employed as a stop loss, while a tighter stop may be to
opt for yesterday’s low of RM1.70 instead. The price target remains at
RM2.10, which is the 6-month “Ascending Triangle” measured move target,
although resistance is also expected at
the psychological RM2.00. A close
below RM1.65 will nullify the upward bias, and if this happens, look for the
stock to trade sideways, with strong support expected at RM1.55 and RM1.42.
I-Power’s daily chart
I-Power may go up if it can
stay above the broken short-term resistance level. The broad market
rebound in 4Q last year gave IPower a
new lease of life. The stock started
rallying in Nov 2011, making a series of
higher lows along the way. It even set a new 52-week high last week. The breakout occurred on high
volume, the highest in more than a year,
which suggests firm buying
support. The stock pulled back a little yesterday but its upward bias has not dissipated
as it closed right at the resistance at RM0.065. A higher close today should
confirm the continuation of the rally, and a position can be initiated if this happens. A more aggressive trade may be
to enter now in anticipation of the price climbing further. A close below
RM0.045, the latest in the series of higher lows, can be employed as a stop
loss. The price target is the
psychological RM0.10, with a strong move possibly testing the 2008 and 2009 low
of RM0.12. The stock’s upside bias will be nullified should the stop loss be triggered, which could even signal the end
of its 5-month rally.I-Power may go up
if it can stay above the broken
short-term resistance level. The broad market rebound in 4Q last year
gave IPower a new lease of life. The
stock started rallying in Nov 2011, making a series of higher lows
along the way. It even set a new 52-week high
last week. The breakout occurred on high volume, the highest in more
than a year, which suggests firm buying support. The stock
pulled back a little yesterday but its upward bias has not dissipated as it
closed right at the resistance at RM0.065. A higher close today should confirm
the continuation of the rally, and a position can be initiated if this happens. A more aggressive trade may be
to enter now in anticipation of the price climbing further. A close below
RM0.045, the latest in the series of higher lows, can be employed as a stop
loss. The price target is the
psychological RM0.10, with a strong move possibly testing the 2008 and 2009 low
of RM0.12. The stock’s upside bias will be nullified should the stop loss be triggered, which could even signal the end
of its 5-month rally.
Source: OSK188
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