Technical Stock To Watch on 21/9/2015 – PMETAL (8869) & MKH (6114)

PMETAL (8869) made a 3^rd higher high after it breaks the resistance of MYR1.98 and MA50 with improved volume on 17/9.    

 PMETAL Daily Chart

The next day, PMETAL’s momentum continued but this time the traded volume was relatively huge, pushing the price spikes up with Bollinger Band (BB) starts to open wider and ended the session with 28 cents up!  

Due to the BB just started to “open its mouth”, it is believe that the uptrend for PMETAL is just a start but it was resisted by Fibonacci retracement level of 50% @ ~MYR2.40 and closed lower @ MYR2.30 after the market trading hours. 

If PMETAL contiunes to trade higher and above MYR2.41, the next resistance or profit target is Fibo 61.8% @ MYR2.65 or 78.6% @MYR3.00 (physcology level).  

                                                                                           MKH Daily Chart

MKH (6114) made a higher high since 17/9 and the breakout of resistance @ MYR2.15 followed by the breakout of MA50 with BB opened wider confirmed the rally started associated with improved volume on the next day (18/9).

However, MKH closed below after it met the subsequent resistance of MYR2.30 during the session ended.

If MKH continues the rally and trading above MYR2.30 on the next trading day, the next profit target to look for is @ resistance of MYR2.64.

Happy Trading!

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