Tuesday, August 25, 2009

Two interesting stocks - Priceworth and Kurnia Asia

Going through the charts of some of the stocks, two charts looked interesting to me. The first one is the long-term chart of Priceworth as shown below.

It formed a second bottom in January 2009 followed by 3 up waves to complete its first major uptrend wave by early August. From its peak, it started to pull back to around 58 cents. It put on 2 cents today to close at 60 cents. If it can move upwards from here and break the 80 cents level, that will complete the right shoulder of the 'inverted head and shoulders' with a minimum target at Rm1.20

Besides the possibility of inverted head and shoulders formation, the high volume traded in early August is another interesting thing. Within a week the major shareholders have sold 13.6 millions shares ( about 10% ) at prices varies from 74 to 84 cents. Who bought over these shares at such a price level?

The second stock is Kurnia Asia as shown below.

The OBV is strong indicating accumulation. Chart pattern is bullish, it is a 1-2, i-ii formation with a breakout a week ago followed by a pullback to touch the resistance line. It started to pull away today with very high volume of 14.4 millions shares.

1 comment:

fooyee said...

did u buy both stocks and making money? I doubt ur chart reading skills...