A look at BJCorp's chart below will reveal that the stock underwent a false breakout, followed by shakeout and finally a true breakout in the build-up to the previous rally in 2010. If this pattern is repeated, then BJCorp is on the verge of a true breakout. To achieve that, it needs to surpass the immediate downtrend line (R2-R2a) at RM1.15. As at 10.00 am, BJCorp did break above this resistance. Based on the upside breakout of the downtrend line, I believe BJCorp could be a good trading BUY.
Chart: BJCorp's daily chart as at April 6, 2011_10.15am (Source: Quickcharts)
10 comments:
Hi Alex
Can you comment whether MAA is good buy ?
TQ
Hi Alex :
After the bonus issue , KSeng has been consolidating n the present price is much lower than x-date ? I would like to know under the prevailing circumstances , do u still recommend BUY for this stock or discard it as the little vol involved under trade is much to be desired.
bjcorp got few structure warrant. .so which 1 is good?
hmm . ..
bjcorp own bjland , while bjland need pay RM700m debt end of july..
will it raise from bjtoto special dividend?
interesting call. i m also wondering what the 'fundamental' reason will be to justify this potential rise.
andrew.
BJ Food has been suspended due to unusual market activity. Is BJCORP still a buy?
Hi cheer
What can I say about MAA? I've noted its breakout at the RM0.90 level ( here ).
MAA has again tested its horizontal support of RM1.28 today. This is a strong support and mustn't be violated. If it failed, MAA could slide to the psychological RM1.00 level or the horizontal support of RM0.90.
Hi leslieroycarter
KSEng is still in an uptrend. It has good support at the horizontal & psychological line of RM4.00. If this support is violated, it may slide to its long-term uptrend line support at RM3.50-3.55.
Hi Ivan
BJCorp's supported breakout did not work out. Give the stock a miss.
HI Mad Investor
There isn't any fundamental reason to go with this breakout. It could be there- somewhere- but I did not look for it.
Hi Eric
It is a moot point now to consider this point- BJ Food being suspended for unusual market activity ('UMA')- and the impact on BJCORP. However, you can always take it that if the two stocks are related, there will be some impact, mostly negative at te beginning. If the stock that was queried for UMA were to rally afresh, the same may be expected of the related company.
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