ZLBT's Random Stock Pick >>> Keladi Maju Bhd (6769)

KELADI (6769) has confirmed a bullish "Ascending Triangle" pattern with a 1.5 sen single-day advance to 21.5 sen.

 

Ascending triangles have a distinct bullish bias in that the chart pattern depicts the convergence of a horizontal resistance and an upward sloping support line as compared to the "Pennant" formation.

 

More importantly, the upside volatility breakout of the 20.5 sen resistance line on KELADI's daily chart marks a bullish continuation of an uptrend that extends as far back as a year. We reckon that the bullish move should carry the share price higher towards 24.5 sen in the coming weeks, and traders may consider buying in between 20.5 sen and the current 21.5 sen level.

 

Correspondingly, a stop-loss of 18.5 sen should also be placed.

 

Technical Ratings

Resistance 2 : RM0.23

Resistance 1 : RM0.22

Current Price : RM0.215

Support 1 : RM0.205

Support 2 : RM0.195

Action : Buy

 

GOODLUCK