ELSOFT (0090) : May have a bullish breakout

ELSOFT (0090) : May have a bullish breakout

Elsoft broke above its intermediate "downtrend line" at RM1.70. It could potentially hit a target of RM2.40-2.50.


Chart 1: Elsoft's weekly chart as at Feb 24, 2015_9.15am (Source: ShareInvestor.com)

A similar breakout was seen in the case of Pestech (at RM3.80 last month). I did not flag the breakout as I was concerned that the stock has gone up much. Well, Pestech is now at ~RM4.50.


Chart 2: Pestech's weekly chart as at Feb 24, 2015_9.15am (Source: ShareInvestor.com)

Based on technical breakout, Elsoft could continue its uptrend.

Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, Elsoft & Pestech.

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