Propnex Ltd (SGX: OYY) upside remain strong and the technical indicate further upside:

1. Since the strong breakout of the pennant on 18^th Jan, the stock has reverted back to the resistance turned support level.
2. Doji formation above the 61.8% Fibonacci retracement level, indicating the bullish buying is laying around the resistance turned support level of the pennant.
3. Prices has been making a series of higher highs and higher low since last year’s March to June period. Beside that, the stock has not break nor invalidate both the primary and secondary trend line.
4. Volume is seen increase on the day of the rebound.

*Timeline of the trade is 4 weeks from the date issued.

CHART LEGENDS

Moving average

Red dotted Line = 200 periods moving average

Blue dotted line = 60 Periods moving average

Green dotted line = 22 Periods moving average