1. The 10-week SMA has curved up again;
2. The weekly MACD looks set for a positive crossover;
3. RSI has rebounded off the 50-mark level; and
4. -ve DMI and +ve DMI have not given any clear reading.
Chart 1: SSEC's weekly chart as at 9/11/2009 (Source: Stockcharts.com)
The daily chart has turned slightly positive. A Trend Fan can be drawn and since the index has crossed the third fan line, the index has turned bullish.
Chart 2: SSEC's daily chart as at 9/11/2009 (Source: Stockcharts.com)
The bullish outlook will manifest itself when SSEC index can surpass its downtrend line resistance at 3250.
2 comments:
HI Alex,
1st TX for your previously good comment.HAHA now want to ask you is there any shares still undervalue with current market level? SPSETIA-WB, HUAAN, DUTALAND? what do you think about this 3 shares?
Yupe What do you think about OSKVI?
Because i felt that nowadays all the share like goreng up oni
Hi Teh,
It is not easy to spot undervalued stocks. But when I find them, they will make their way to the blog.
I have nothing positive to say about SPSETIA-WB, HUAAN & DUTALAND. The 2 stocks are range-bound, while SPSetia-wb is way out-of-the-money (with exercise price of RM4.48 as compared to the share price of RM3.81 yesterday).
SPSetia may be testing its medium-term uptrend line support of RM3.60 soon. In term of valuation, SPSetia is fairly pricey- trading at a PE of 25 times. For 9-month ended 31/7/2009, it recorded a net profit of RM114 million on turnover of RM87 million [9-mth EPS at 11.2 sen or full-year EPS of 15 sen].
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