Chart: FBM-KLCI's daily chart as at Apr 8, 2010_10.35am (Source: Quickcharts)
I have commented earlier in the preceding post that some funds managers could be taking profit on stocks which have risen substantially. This profit-taking activity may come & go and if there are sufficient demand for these stocks at lower prices, the selling should not culminate into a reversal of the present bull market. For now, we will have to wait out the on-going correction & try to buy stocks that had dropped back to more attractive prices.
18 comments:
hi bro. please comment on hiaptek, today rise while market drop alots. off market transaction 16% stakes at RM1.60. can buy hiaptek?
Hi Wong,
From the technical perspective, Hiaptek is caught between the medium-term uptrend support at RM1.40 & the short-term downtrend line resistance at RM1.48. If it can break above RM1.48 (to be sure: RM1.50), it could be a trading BUY. If it eased back to RM1.40, it could also be a trading BUY- hoping for a rebound off the medium-term uptrend line.
Hi Alex,
What is your opinion on HaiO. It has been resting on the 4.40 for many days now. Thanks.
Hi Bro Alex, Please comment on L & G, THE VOLUME HAS STARTED TO PICKUP FOR THE LAST TWO DAYS, IS IT A GOOD POTENTIAL Buy??
Thanks
From: Alex Yong
hi bro. scomi coming again. may i know buying scomi or scomimr, which one is better? fundamental of company, which one is better?
Dear Alex,
Bought genting average 6.70.... Should i hold further since price on the downtrend all this while.Hope you could throw some lights. thanks
How many % u think this round correction ?
Dear Alex
Hi, l bought Scomi when it achieve a bullish breakout 0.43 as you mention in your blog..thanks for that!! Alex, is there any chances it will break RM1.00? Thanks once again**
Good day Alex,
Technically, how you view PUNCAK and TIMECOM?
Hi David Ng,
Sorry for the late comment. Haio's correction may be over with today's sharp rise.
Hi yong,
You can try L&G, which looks set for another upswing. It may test the recent high of RM0.63-64.If it can surpass this level, it may have a chance to test the high of above RM0.80 recorded in sep 2007.
Hi wong,
I have not looked at Scomimr. Scomi has a bullish technical breakout & has the promise of going higher. Scomimr does not excite me.
Hi Layman,
Genting has formed a downtrend, which means that its outlook would be negative. Nevertheless, its strong support- the Maginot Line- is at RM6.30. With that, you may want to see whether it can form a base at that level. On the other hand, if you want to exit this stock fairly quickly, then the exit level is at RM6.70-80.
Hi cheer,
My crystal ball is a bit cloudy. I must admit that I am more cautious than bullish these days.
Hi yumi,
I hope it can go to RM1.00. many of my clients are in it. But, I doubt it. For now, I am more comfortable with taking some profit at Scomi's immediate resistance is at RM0.53-55. The market is too fluid for even medium-term planning.
Hi solomon,
PUNCAK has broken above its medium-term downtrend. It has formed a base at RM2.60. This stock will rise only on news on a favorable deal to acquire its water assets. Even though there have been numerous research reports which put the fair price above RM3.50, the stock still languishes below RM3.00.
TIMECOM has broken above its strong horizontal resistance at RM0.45. It may continue to inch up as a short-term uptrend has formed.
Dear Alex, Thank you for your kind reply on my question on L & G, Your comment is excellent ! Thanks
From : Alex Yong
Dear Alex:
Is it true that quite a number of shares like Supermax, HSL, Etirech had staged cup and handle breakout and that Salcon and EPMB might be next in line?
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