Since our “On Our Radar” (“OR”) report dated 14 Aug 2012
(TRADING BUY @ 90 sen), PWROOT’s share price performance has been nothing short
of stellar. The share price had risen by 50% to yesterday’s closing price of
RM1.35. Subsequent to our more recent “OR” write-up earlier this week, PWROOT’s
share price has broken out of a “Bullish Pennant” chart pattern amid an
increase in trading volume. The breakout marks a continuation of the uptrend,
and this comes alongside the key indicators which have turned bullish. Of note,
the MACD-Signal line has just completed a positive crossover to reflect the
increase in bullish momentum. We reckon that even with the RSI now above the
overbought mark, follow-through momentum would likely propel the stock towards the
“Pennant” measurement objective of RM1.49.
Source: Kenanga
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