Chart 1: KNMs daily chart as at Dec 15, 10.20am (Source: Quickcharts)
The upside breakout of the recent high also coincided with the upside breakout of the medium-term downtrend line (RR) at RM2.20-2.25 (see Chart 2). With this breakout, KNM is likely to test its next horizontal resistance at RM2.80-2.85.
Chart 1: KNMs weekly chart as at Dec 15, 11.20am (Source: Quickcharts)
Based on the above, KNM could be a good trading BUY.
3 comments:
Hi Alex, what's your view on Mudajaya both fundamental & TA? Its price has stablized at RM3.9x now. Is this the right time to accumulate for long-term?
Hi st
Mudajaya's latest results is quite good & it's an improvement over last year's results. For QE30/9/2010, it made a net profit of RM46.5 mil on turnover of RM192 mil [compared to last year's net profit & turnover of RM35.3 mil & RM200 mil respectively]. For 9-month ended 30/9/2010, it made a net profit of RM151.4 mil on turnover of RM639 mil [compared to last year's net profit & turnover of RM75.8 mil & RM508 mil respectively].
Chartwise, it tested its very strong horizontal support at RM3.70-3.80 recently & rebounded. Its next resistance is at RM4.00- an psychological resistance as well as the medium-term downtrend line. If it can surpass this mark, it may go to test the next horizontal resistance at RM4.60-4.70.
Hi Alex:
KMN has gone up much higher than anticipated though it has exercised by reducing its shares from 4 to 1 . The closing price then is 42 cts , so by right it should be in the region of 1.66 . Presently it has risen to a height of 2.75 which is way beyond market anticipation. Do you think this stock could rise further given the high vol in trade? Thanks
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