Monday, April 21, 2014

************************** Kingwan: A potential breakout play....... May consolidate from 0.325 to 0.35 before further uptick......

Kingwan has been consolidating upwards for about 2 weeks since breaking above the 0.28 resistance level (Downward sloping channel resistance line). This can signal an end to its downward trend formed since  May last year. Has seen it trading a week below the 0.325 immediate resistance and today we have seen it crossed above on TOP 20 Volume. Entry can be possible from 0.325 to 0.33. Wait for the break above 0.35 for a new high where we can see it push higher further on momentum. Target to 0.400 near term on this breakout then J
Stop loss at 0.295.

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