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Wednesday, July 29, 2009

Charts Tip Green Packet May Rise To MYR0.88

Green Packet (0082.) +3.1% at 83 sen in heavy volume, breaking 100-day moving average and medium-term downtrend channel. Breakout accompanied by rising volume, "reflecting better appetite for the stock over the near term," says CIMB in a report.Notes, indicators show more room to the upside; MACD turned positive while RSI is also rising. Resistance at 88.0 sen. "Investors who wish to ride through this breakout may start to nibble now.

.However, a stop below 72.5 sen is a must, as falling below this level would signal the end of this rally," CIMB says.

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