Technical Analysis – YEELEE Stock code: 5584
YEELEE has been trading sideways over the past two weeks before staging a definitive breakout above the RM1.12 resistance yesterday. At a closing price of RM1.17, the share price was up by 6 sen for the day. We reckon the YEELEE is now ripe for the picking, where the share price could potentially advance another 12 sen towards RM1.29.
The key indicator such as 14-day Stochastic and RSI remain healthy and showing improvement in momentum while all SMA lines (20- ,50- ,and 100- day) are also on an upwards move. As such, we suggest short-term traders buy in anywhere between RM1.12-current level while targeting RM1.27 (2 bids below RM1.29 resistance).
Correspondingly, a stop-loss should be placed at RM1.07 (5 bids below resistance turned- support). This implies a potential 10.4% upside versus 5.2% of downside risk
by Kenanga Research