Chart: Maybank's daily chart as at August 16, 2010_2.45pm (Source: Quickcharts)
Based on this upside breakout, Maybank could be a good trading BUY.
Monday, August 16, 2010
Maybank may have a bullish breakout
Maybank finally broke above its horizontal resistance of RM7.77-78 this afternoon. This upside breakout may mirror the February/March 2010 breakout where Maybank rose about RM1.00, from below RM7.00 to RM7.70.
Chart: Maybank's daily chart as at August 16, 2010_2.45pm (Source: Quickcharts)
Based on this upside breakout, Maybank could be a good trading BUY.
Chart: Maybank's daily chart as at August 16, 2010_2.45pm (Source: Quickcharts)
Based on this upside breakout, Maybank could be a good trading BUY.
HI Alex,whats your take on BJcorp ? Pls advise. thanks
ReplyDeleteHi Alex,
ReplyDeleteI have been monitoring Jerneh for quite sometime now. Something seems to be happening sometime soon. Any news from your side Alex?
Hi CK
ReplyDeleteBJcorp should have good support at RM0.90-1.00. The stock may need more time to consolidate after its sharp rise & equally sharp fall. So, you should accumulate slowly.
Hi jeremy tan
ReplyDeleteJerneh has been in the news for the past few months with news that it is negotiating to sell off its 80%-stake in its general insurance company.
Chartwise, it is nearly its all-time high of RM3.70-3.80 which was recorded in 1996-97.
If you are having the stock, you should take some profit as the price approaches RM3.70. This may not be a good time to buy this stock for long-term investment. If you are nimble, you may trade it but you must be treat this as a high risk trade. That's because the stock has risen from a low of RM0.80 about 18 months ago. This was my comment when I covered the stock in March 2009:
"... the stock is trading at only 0.35 time its book value, while paying a decent dividend yield of 6.3%. If ever there is a case for a privatization, Jerneh is it... If you have loads of patience, Jerneh could be a good stock for a very long-term investment".
Hi Alex,
ReplyDeleteThanks for all the good advices.
What do you think about NPC?
I notice it is a very quiet stock, do you see any potential in it?
Also notice that genting climb to a historical high, shld take profit or it may rise higher?
Many Thanks.
Hi @h Tong
ReplyDeleteGenting has tested its horizontal resistance at RM9.00 this morning. Can it surpass this level? We don't know. After such a sharp rise, it may consolidate its gain & this resistance could mark the current rally high point. I think it may be a good idea to take some profit at the RM9.00 mark.
NPC is a profitable plantation stock. Its last 3 quarters' EPS was about 8 sen- giving it a full-year EPS of 24 sen. At yesterday's close of RM1.93, it is trading at a PER of 8 times. This is undemanding.
Chartwise, it is resting on its long-term uptrend line at RM1.90. This could be a good entry level for the stock.