Jun 27, 2013

Watch for Trading Opportunity – AFG

Alliance Financial Group Bhd (2488) Finance – RM5.06.

afg analysis
AFG  is  not  only  making  a  recovery,  but  is  on  the  rise  after  Wednesday’s  push  saw  the candle  taking  out  the  RM5.00  levels  as  well  as  the  short -term  wedge  formation.  Its momentum indicators shot up as a result of the upsurge and are still rising. Collectively, the above are positive signals and points to more short-term upsides.

For the time being, the RM5.20  level of RM5.28  will prove to be a formidable resistance to clear, but if it fails to clear, then the stock reverts to a neutral outlook. On the other hand, if it is cleared, then the stock is a trading buy. . The RM5.40  level will be next resistance level, before the top of the RM5.60 level comes into play.

by Mercury Securities