Disclaimer

Disclaimer - I'm too dumb to be an expert thus all the contents of this blog are just my random thoughts and may be incomplete or contain any informational errors. It is certainly not recommendation to buy or sell. You'll be responsible for your own decision. Please consult your investment consultants before making any investment decision. Also the author may or may not have position in the counters that mentioned in this blog.

Tuesday 19 August 2014

Asiapac - Breakout ascending triangle


Chart : Asiapac daily chart as of Aug 19 2014 (source: ChartNexus)

Asiapac has since doubled its share price from around 16 sen from December last year to around 31 - 32 sen. Today it rise another 3 sen or 9.68% to close at 34 sen. As a result, it broke its ascending triangle horizontal resistance line at 0.315 convincingly with significant volume. In fact it hits top ten of the most active stocks with some 94 Million shares traded today. This is a bullish sign that probably indicates there could be another good run ahead. Judging on the market sentiment on penny stock, the momentum could be substantial. Should keep an eye on it.


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2 comments:

  1. Joke19 August 2014 at 07:06

    Can you please explain what is the ascending triangle horizontal resistance, thank you.

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  2. Unknown20 August 2014 at 22:49

    ascending triangle horizontal resistance line is what I used to describe the 'ceiling' line of the ascending triangle. It is the resistance line that the counter try to break in order to stage for another run. Refer to the chart, the resistance line is at 0.315. As for ascending triangle, I'm sure you can google a lot info about it.

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