Masteel may have a bullish breakout

Masteel broke to the upside of its triangle at RM0.97. It is presently trading at RM1.04 as at 3.50pm. The next resistance for the stock is at RM1.10 & thereafter at RM1.20. There is a news report that the company had secured a deal to export steel worth millions of ringgit to Australia. Overall, the steel sector is expected to benefit from the government’s pump-priming efforts in 2010 and 2011.


Chart: Masteel's daily chart as at Oct 20, 2009 (source: Tradesignum)