Jan 9, 2012

Trading Buy – Eng Tecknologi

Current Stock Review – Eng Teknologi Holdings Bhd (stock code 8826)–Technology sector –RM1.69.


Above: Eng Teknologi daily chart (click to enlarge) 

Chart wise
EngTeknologi’s share price is forming a double bottom,having found its support at RM1.43 that repelled  two  selling  waves.  It  had  also  broken  through  the overhead  resistance line  while  its technical indicators are on the move again towards the upside.

The  preliminary  target  is  RM1.85-1.90,  although  a failure to  penetrate  the  immediate  RM1.72 resistance may see the share price making a retracement to the RM1.43support to form multiple bottoms. Nevertheless, its rising indicators portends of better technical outlook for Eng Teknologi.

by Mercury Securities