Perisai has broken above its long-term downtrend line at RM0.68 today. It has also surpassed its horizontal resistance at RM0.69. Its immediate horizontal resistance at RM0.73 will be next. The indicators are quite positive. This stock could potentially rally to test its horizontal resistance at RM0.80 & RM0.94-0.95.
Based on technical consideration, Perisai could be a trading BUY.
Chart: Perisai's daily chart as at March 22, 2011_11.30am (Source: Quickcharts)
4 comments:
Mr Alex,
Just would like to confirm with you whether PERISAI ever reached RM1.60-1.70 in 2008? as per your chart.
Hi Desmond
PERISAI hit a high of RM1.67 in January 2008. Those were the crazy days when crude oil was charging as a bull and hit a high of USD147 in mid-2008. Who knows? We may revisit this price again if the Middle East goes up in flames.
The interest in Perisai may have more to do with what its major shareholder, Singapore-based Ezra Holdings wants to do with Perisai. Recently Perisai proposed to acquire 51% stake in Intan Offshore Sdn Bhd, which owns a fleet of eight ships, in exchange for the issuance of RM45.2 billion in new Perisai shares. Perisai was granted a license by Petroliam Nasional Bhd (Petronas) of chartering vessels about one month ago and this proposed acquisition fit nicely into its plan to venture into the chartering of vessels for the Oil & Gas sector.
Mr. Alex, have u factor in the bonus share issue for perisai ? I check from chartnexus and found that perisai never reach RM1.60 - RM1.70 after bonus issue adjustment . thanks
Hi Ethan
Thanks for pointing out the error in the chart.
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