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Friday, January 13, 2012

AIM - Signs of Uptrend Extension (OSK)

Prior to Wednesday, AIM had been consolidating the huge gains recorded on 6 Dec 2011 within an “Ascending Triangle”. It seems that the stock is now trying to crack above the formation, which is evident judging from yesterday’s strong volume. As a new short-term uptrend has already been constructed, a breakout from the “Ascending Triangle” would signal an extension of the rally that started since October last year. Traders are advised to accumulate its shares at above the RM0.125 level. We are eyeing an initial upside target of RM0.15 and should this level be taken out, the RM0.175 level would be the next target. For this trade, we have a tight cut-loss point at below the RM0.12 level.

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