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The contents in this blog is solely for information purposes only. All expressed views and technical analysis in this blog do not constitute buy or sell recommendations. Readers should do their own research and due diligence as well as consult with an investment professional before making any investment decisions. The author will not be held liable nor accountable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein.

Sunday, 21 September 2014

UPDATE on TEKSENG - A 3rd FLAG?

Periodically,  TCB will pick a stock we may like to trade short term.  So, this week, TCB have provided an update on the stock, TEKSENG to put in *Stock In Focus (SIF)*.  Please do not take this as a buy signal as our TA reading for these stocks are for sharing purposes only.  Do calculate your own risk/reward ratio if you decided to trade this counter.


Tekseng - Daily Chart 


Since our last posting on 1 Sept, 2014, Tekseng has broken out from its 2nd flag formation on 4/9 with volume to test its resistance at 0.70.  It successfully broke through this resistance on 5/9 supported with good volume to move into unchartered territory that yielded the year's high of 0.875. 

It is currently consolidating under a 3rd flag (Flag 3) formation that comes with a support of 0.78. A successful take out of its resistance at 0.835 would signal another bullish breakout from the flag.  It is then expected to re-challenge the resistance at 0.875 before confronting the psychological resistance of 0.90.  Should it clear these 2 hurdles, it would indeed scale another new high with immediate target prices of 0.95 and 1.00 respectively. However, if its support is penetrated, it would signal weaknesses in the stock.  The recommended stop loss is 0.75/0.76.
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