At yesterday's 61 sen closing price, MICROLN has risen 36%
since we highlighted the "Bullish Pennant" breakout in our technical
report dated 14 Dec. In fact, the share price has rallied beyond our initial 58
sen measurement objective, underpinned by strong buying interest by MICROLN's
directors in the past few weeks. Additionally, MICROLN has formed yet another
bullish pattern on the daily chart, this time being a bullish "Flag"
pattern which we have annotated in red. We reckon that given the circumstance,
it may still be too early to take profit in the stock at this juncture. The
positive technical outlook suggests that the stock has some upward distance to
go, and we suggest that traders adopt a trailing stop strategy from here.
Currently, the stop-loss should be place at 55 sen, or two bids below yesterday's
low.
Source: Kenanga
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