Based on the above, UEMland could be a trading BUY.
Chart: UEMland's daily chart as at Jan 6, 2011_10.00am (Source: Quickcharts)
Thursday, January 06, 2011
UEMLand may have a bullish breakout
UEMLand has just broken above the neckline at RM2.68-2.70 of an inverted head-&-shoulder ('HS') formation. An upside breakout of the inverted HS formation would signal the continuation of the prior uptrend. If we measure the distance of the 'head' (RM2.60 -RM2.10) to the neckline & add that distance to the breakout level (RM2.70), we can arrive at a target of RM3.20 for the current rally.
Based on the above, UEMland could be a trading BUY.
Chart: UEMland's daily chart as at Jan 6, 2011_10.00am (Source: Quickcharts)
Based on the above, UEMland could be a trading BUY.
Chart: UEMland's daily chart as at Jan 6, 2011_10.00am (Source: Quickcharts)
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6 comments:
hello mr alex
i has one question,why you use DMI not ADX.
thanks a lot
Hi alex
Can u share your views on DXN ? It seems a good stock to buy with good dividend and recently moved up. Thanks
Hi Alex,
Just checking: do normally inverse head & shoulder pattern formed during a downtrend?
Appreciate your opinion.
Regards
Roger
Hi Roger Ho
You are right. Normally inverted head & shoulder patterns formed after a downtrend. Conversely head & shoulder patterns happened after an uptrend. However, these patterns can also be formed in the opposite direction. Failure to complete the pattern, i.e. a failure to break through the neckline would result in a continuation of the prior trend. In such instances, the pattern will not be a reversal pattern but a continuation pattern.
Hi kiwi
ADX, +DMI and -DMI all come together. Some call the indicators ADX, others call them Directional Index. They are all the same thing. The purpose is to gauge the strength of the trend.
Hi nightradersdk
DXN's earning is about 20 sen. At the current price of RM1.51, it is trading at a PE of 7.5 times. It could trade up to a PE multiple of 10 times for a smallcap.
Since it is trading at a new high, the stock can still go higher. Good entry is at the uptrend line support of RM1.37-1.40.
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