Three bullish candles in last four trading sessions suggest more upside
this week. Proton has had a strong uptrend since Mar 2009 from a level below
RM1.80. The stock reached a high of RM5.03 in May 2010, but failed to sustain
at above RM5.00. As a result, it trimmed its gain to a low near RM4.30 in Jul
2010. Only when the 10-day SMA cut above the 40-day SMA in Aug, its
momentum improved and it started to head higher. It reached RM5.01 on
Friday, before closing the day at RM4.99. With a third bullish candle in four
trading days, it could surge beyond RM5.00 this week, in our view.
Proton Holdings Berhad : Could Cut Above RM5.00 Soon… - 20/09/2010
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