Chart 1: Melewar's daily chart as at April 14, 2010 (Source: Tradesignum)
Chart 2: Melewar's weekly chart as at April 14, 2010 (Source: Tradesignum)
Based on technical breakout, Melewar could be a good trading BUY.
Wednesday, April 14, 2010
Melewar may have a bullish breakout
Melewar broke above its strong horizontal resistance at RM0.75 on April 12. It followed up with a rise to a high of RM0.82 on April 13. Today, it came under selling pressure & dropped 2 sen to close at RM0.795. If the stock can remain above its breakout level of RM0.75, its upleg may continue when the market sentiment improves.
Chart 1: Melewar's daily chart as at April 14, 2010 (Source: Tradesignum)
Chart 2: Melewar's weekly chart as at April 14, 2010 (Source: Tradesignum)
Based on technical breakout, Melewar could be a good trading BUY.
Chart 1: Melewar's daily chart as at April 14, 2010 (Source: Tradesignum)
Chart 2: Melewar's weekly chart as at April 14, 2010 (Source: Tradesignum)
Based on technical breakout, Melewar could be a good trading BUY.
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30 comments:
Melewar fortune could also depend on Gindalbie share price which hit the year high last few days...
Technically, what is your call on MEASAT based on today closing?
there has been rumours on BJTOTO getting sports betting license. Technically, how is BJTOTO? it has been hovering between 4.30-4.4.
Dear Alex,
KNM no hope.... aiyoyo. You see any future in this counter??? My average .80. big head. but luckily not many lots (self console).
hi alex. Proton still can buy? what is it support and next target price?
Hi Alex, i agree with you on WCT, what do u think about GAMUDA?
It has break above 3.00 gently, will it go all the way to 6 months high of 3.35?Thanks
Hi Alex ,
How
Hi Alex ,
How about GUH (3247) ,can it been in ?
Hi solomon,
Melewar may have benefited from the recent rise in Gindalbie (GBG) which surpassed its January high of A$1.30. It;s trading at A$1.41 now.
Measat's rally has confounded pundits' prediction. Is it a privatization play? Is it driven by forecast of better results? The former is unlikely, while the latter could not justify the huge jump in the share price. Anyway, its immediate resistance is at RM3.75-4.00 while its support is at RM3.00.
Hi ETHAN,
Technically, BJTOTO is trapped between RM4.30 & RM4.50-60. We won't know which direction this stock will take until a breakout happened.
Hi Layman,
We learned today that the proposed KNM privatization has been aborted. However, by looking at the share price movement ever since the proposal was announced, one would get the feeling that this proposal was not likely to go through. Even EPF started selling KNM in the open market a few weeks ago.
Hi wong,
Proton has broken above its downtrend at RM4.50 and may embark on an uptrend. It has also surpassed the strong horizontal resistance at RM4.60. On weakness, it may drift back to the RM4.60 resistance-turned-support, which could be a good entry.
Proton's first target is at RM5.00 & thereafter at RM6.00.
Hi Alex,
What is your take on GENETEC? Trading buy?
Thanks..
HI Kelvinkcm,
GAMUDA is in a medium-term uptrend, with support at RM2.75. Its upside is capped by a short-term downtrend, with resistance at RM3.20.
Gamuda will continue with its prior uptrend when it achieved an upside breakout above RM3.20.
Hi phkoay,
GUH is in a medium-term uptrend line, with support at RM1.05. However, I feel that it's better to use the 50-day SMA line to track its current rally. The recent correction, off the high of RM1.29 (Mar 25), may have ended on April 13 & it is poised for another upswing.
Dear ALex,
Success- is there any reason/explan why the main counter doesnt move but the Success OS increased by few 100%. thanks.
Dear Alex,
current position of KNM looks pretty bad. I still hold on to it. What is your view. Got opport for rebounce to cut loss?? S.O.S.
thanks.
My remisier tried out melewar, but it seems no power, so we cut it for day trade. Probably market sentiment pull it back.
Market weaknesses are noticed, maybe the market is ready for sell off? What think you Alex?
hi alex. please comment on MAS. MAS is another Khazanah link stock. Will it be another POS?
Hi Alex,
BJ Corp LC has gone up so high since the last 2 weeks. Still can enter for future rise ?
Alex,
pls comment on Zhulian and MMM. Thanks
Hi Layman,
I have nothing to add to your KNM position. As for Success, it was a disappointment. The play unfolded as anticipated but the ensuing correction was deep & we are back to where it started. The stock is sitting at its uptrend line at RM1.18-20. The only consolation - a poor one, if you asked me- is that we get the Restricted Offer for Seremban Engineering Bhd but at the same price as the general public. That's not how you reward your shareholders!
Hi Polite Market,
Your remisier is right. The market is pretty lame. It is full of bull traps! I am going to lay off calling trading BUYS for two weeks.
Hi solomon,
Yes, the market sentiment is poor. Blue chip stocks look toppish. 2nd liners look tricky. I guess it has to happen after a long rally. So, be careful out there.
Hi kh7878,
BJ Corp looks toppish. I would like to see this stock pull back to RM1.50-60 before considering an entry.
Hi Cari,
GENETEC is a very quiet stock. Since March, its trading volume increased many folds. What's up?
Technically, it may have an upside breakout of a long-term downtrend at RM0.45-48. I would give this stock a miss because I am not too comfortable with quiet stocks that suddenly come to live.
Hi wong,
Can MAS be another POS? I believe it when I see it.
MAS has broken above a horizontal resistance at RM2.25, but the really strong resistance is just up ahead at RM2.40. After that, there is another really strong resistance at RM2.60. With crude oil inching up, I don't think MAS can be an out-performer for a while.
HI 仑襁,
I have touched on Zhulian. As for MMM, it is a classic case of a downside breakout at a slanting 'horizontal' line at RM0.16-17 in February. It seems to have found support at RM0.025-0.030! Now, it may even try to make a return trip.
I would give any stock which has fallen to such level a miss. I had a quick glance at the account (something that investors should do more often) and I noticed that its NTA stood at negative 17.5 sen as at 31/12/2009. This may explain why the sellers are willing to trade his share for a mere 2.5-3.0 sen because it should be worth less than that.
Hi Alex,
Kindly comment on Waseong And Axiata. Thanks god i sell KNM earlier.
__________________
Motto: Love to sell
Hi Mohd Nazari,
I like your motto "Love to sell". Is that something that changes with your market outlook or is it a permanent thing?
I think Waseong & Axiata are likely to pullback to their important support. In the case of Waeong, the supports are at RM2.50 (horizontal line & 50 DMA). For Axiata, the support is at RM3.50 (horizontal line, medium-term uptrend line & 100 DMA).
I like Axiata for the multiple supports at RM3.50.
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