Dec 19, 2013

Wah Seong: Pending Technical Breakout

WAH SEONG CORPORATION BHD Stock Symbol: WASEONG
Stock Code: 5142

below: Wah Seong Chart (click to enlarge)

wahseong technical analysis

Technical Comments: Wah Seong should extend consolidation pending breakout above the upper Bollinger band (RM1.70) to target resistance  at  50%FR (RM1.86),  while  a  confirmed  breakout  would  challenge  higher  chart  resistance  at  61.8%FR  (RM1.94)  ahead. Immediate  support  is  at  the  low  of  07/02/13  (RM1.56). 

wahseong-data by TA Securities

Wah Seong is principally involved in four business activities, namely, provision of specialised pipe coating services for the oil and gas industry, manufacturing of steel pipes for the oil and gas and infrastructure sectors, provision of industrial engineering services and distribution of building materials.