0350 GMT [Dow Jones] STOCK CALL: Proton (5304.KU) +3.5% at MYR3.84, extending recent gains, after recently breaking out of bullish consolidation within MYR2.50 to MYR3.10 range. "We believe Proton has more potential toward MYR5.00 in the medium term. The bullish Cup and Handle pattern was already completed with a breakout at MYR3.50. Though the broad market may correct in the short term, the positive rounded cup handle exhibited by the stock is enough to provide more upside momentum in next six months," says MIMB technical analyst Mohd Nazri Khan. Notes, stock trading above 20-day and 50-day moving averages; both MACD and Stochastic pointing North, supporting bullish outlook. Immediate support at MYR3.50; psychological resistance at MYR4.00.
Dow Jones Newswires
September 14, 2009 23:50 ET (03:50 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
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