Chart: Haio's daily chart as at June 9, 2010_4.40pm (Source: Quickcharts)
Warning: Global equity market condition is quite precarious with DJIA trading below 10000 over the past few days. Further weakness in DJIA could trigger more correction in our local market. However, it is good to note that most Asian markets were relatively firm over the past 2 days, which could indicate that they might have reached a temporary bottom.
12 comments:
Hi Alex,
What do you think of the STEEL counters? There has been a lot of downgrades in this sector recently. I have SSTEEL at average price of 2.50 and it's down like 30% now. I don't know whether to cut this massive lost or hold for long term (say another 2 years when there is a massive inflation / commodity boom).
Hi Alex,
Do you think the KLCI is forming a head & shoulder pattern, the next resistance is at 1300.
Hi Alex
May I know, what may happen if Haio bullish breakout come at the same time World share market big dip like what happen during end of May.
Will the price well supported or will drop after the dust clear it will bounds up strongly.
Thanks
From
Durian Edge
Hi Alex,
Can you please share your inputs on MRCB(1651)?. I'm actually holding on to 1 lot @1.7 since April. Do you think I should cut loss?.
Thanks.
Hi Alex,
Need your views on Talam since today it finally managed to get out of the PN17 status.
Thanks.
Hi David Ng,
Steel stocks have dropped back quite a lot and SSteel is no exception. I do not know how the demand for basic metal would be over the next few months but the market is pointing to lower demand & prices for steel products. Nevertheless, I think SSteel is now resting on a strong horizontal support of RM1.80. If it break below this level, its next support is at RM1.60. As these support levels are fairly strong, you may hold onto your share.
Hi yumi
FBM-KLCI looks like either a Broadening Top or an Expanding Triangle. I have attached 3 links for your perusal. The crucial levels to watch out for are:
a) 200-day SMA at 1261;
b) Broadening Top's crucial back stop at 1224; and
c) Expanding Triangle's support at 1248
1) Broadening Top
- http://chart-patterns.netfirms.com/broadtop.htm
- http://thepatternsite.com/bt.html
2) Expanding Triangle
- http://www.masterforex-v.su/002_016.htm
Hi Durian Edge,
Haio will drop if/when the market entered into a bear phase. There is no escaping that.
I have been reading Edwards and McGee, Technical Analysis of Stock Market Trends lately. In Chapter 3, it's noted that the better stocks are the last to be sold off and the first to recover. The 2nd & 3rd liners would jump in the late stage of a bull market & the first to drop at the start of a bear market.
Having said that, we can never be too sure about the market. If we have misread the market, technical breakout like Haio would be wasted. So, if you are brave & nimble, I offer up a few trading BUYs to spice your days.
Hi Stephanie
MRCGB is rising in an upward channels, with support at RM1.35-40 and resistance at RM1.75-80. Sell if MRCB goes towards RM1.75. You should buy at the support of RM1.40, which may be hard to do- given the current cautious-to-bearish market.
Hi Avatar
The upliftment of Talam's PN17 status is not a new story. I would give it a miss. Companies that tried to hide their liabilities, are to be avoided.
Thanks Alex.
But why Kenmark still up so much today? Really can't understand the reason behind it.. hmm.
Hi Alex
Thanks for you reply. It really help me to lean more.
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