From the chart below, we can see that the next strong horizontal resistance is at RM3.00, which could be a good level for some profit-taking. However, selling will not be easy in the face of such strong momentum, which promises higher price ahead. Maybe it is different this time as far as Jerneh is concerned, but my feeling about the present market is that a winner in this market seems to have little trouble recruiting buyers. On signs of faltering prices, the same stock will bring forth many sellers. This remains me of an old saying: Nothing succeeds as well as success, nothing recedes as fast as success. In line with this, I believe that we should progressively take profit when Mr. Market offers a good price for our stock.
Chart: Jerneh's monthly chart as at Mar 1, 2010 (Source: Tradesignum)
5 comments:
Hi Alex,
What is your take on Mitrajaya now that it has broken above its RM1 resistance pretty convincingly.
Thanks,
James
Any reason that Kfima share price so depress as compare to its NAV and dividend yield.
Thank you very much Alex
Hi James,
Mitrajaya's next resistance levels are at RM1.20, RM1.40 & RM1.50.
Hi Seng Khoon,
KFima has been very slow, but it may be poised for the next rally soon. On Mar 18, it broke above the horizontal resistance of RM0.92-93. However, it pulled back to re-test that resistance-turned-support earlier today, which held firm. I expect the stock to slowly inch up from hereon.
Well analysed for KFIMA, Alex. Today it's up 8%. I learn alot and get lots of trading ideas from reading your blog/comments.
Appreciate your sharing. Keep up the good work.
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