Is time to 'Cliq'

Chart : Cliq daily chart as of Aug 8 2014, (source: ChartNexus)

After the recent announcement of Sona Petroleum qualified acquisition (QA), Cliq Energy is the only SPAC that yet to finalize a QA. If fact, the trading volume of the counter has shrink considerably and overshadow by the likes of Sona, Daya and the sizzling Sumatec, all with the same O&G theme play.

But take a closer look at the share price, despite the recent slid, it is still staying above the uptrend support line and form an asymmetric triangle. I believe it is worth to keep an eye on the stock for any bullish breakout from the current triangle. I'm confidence that the management will be able to make a QA within the stipulated time to take the company off the SPAC status.

With Reach Energy, the biggest SPAC to list on Bursa, IPO coming this month, may be is time to 'Cliq' again. May be a double 'Cliq'.