We have identified a long-term sideways trend for WTK. Having detected this wide sideways range, we know that the stock’s upside will be limited by the long-term resistance line situated at the RM1.50 level, as the stock closed at RM1.33 yesterday. If the stock fails to crack above the RM1.50 level, it would mean that WTK will continue to be stuck within this wide trading zone ranging from the RM1.00 to RM1.50 level. Within this sideways zone, there is immediate resistance at the RM1.40 level, while support is detected at the RM1.26-RM1.35 area, and the RM1.16 level. Hence, the stock’s longer term outlook will remain firmly neutral until either the RM1.50 level or the RM1.00 level is violated.
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