On a day when most stocks are on the losers column, one stock sticks out like a sore thumb- BRDB. The stock tested its long-term uptrend line at RM1.88-1.90 only last week. Since then, it has gained about 30% on relatively thin volume of 3000-7000 lots per day (except for yesterday when the volume jumped to 15000 lots). As at 12.00 noon, it is trading at RM2.43- a gain of 10 sen- on volume of 7000 lots. Its warrant, BRDB-WA also gained 10 sen to RM1.43. The way BRDB is moving, regardless on the market condition, could only mean that there is something positive is about to be announced.
Chartwise, BRDB's immediate resistance is the horizontal line at RM2.45 and its immediate support is the horizontal line at RM2.25. If it can break above the RM2.45 level, its next resistance is the horizontal line at RM3.00.
Chart 1: BRDB's weekly chart as at Aug 19, 2011_11.50am (Source: Quickcharts)
Chart 2: BRDB-wa's weekly chart as at Aug 19, 2011_11.50am (Source: Quickcharts)
Given the overall poor market condition, you are advised not to take unnecessary risk. That may include trying to trade this particular breakout.
No comments:
Post a Comment