Technical outlook of PIE Industrial Berhad's stock price and stock chart
We will start off with the weekly chart first. As you can see from above this stock has some serious resistance overhead. Therefore it won't have a smooth ride upwards for now till the resistance is absorbed.
I do not advice one to play these kind of stocks. You would want to have as few resistance as possible overhead. Play the nice uptrending stocks instead of one that has lots of resistance overhead.
Recently the stock broke a daily downtrend line as well as an ascending triangle breakout. I guess that was a nice time to trade this stock. Right now it is very near resistance and not a nice time to enter the stock.
Be patient and wait for a nice pattern to develop before you enter.
Since the stock has run up so much right now, the pattern you need to find is a continuation pattern.
The green area I highlighted is a support area. If the stock is any healthy it should not drop below that area.
Hope this helps.
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