Chart: SPSetia's weekly chart as at Sept 12, 2011 (Source: Tradesignum)
Tuesday, September 13, 2011
SPSetia is coming up against a strong support
In July, I have pointed out that SPSetia had broken its intermediate uptrend line at RM3.90 (here). The stock has since broken below the strong horizontal support at RM3.75 & RM3.50. It is poised to touch the long-term uptrend line at RM3.20. The RM3.20 level is not expected to yield easily when tested as it is also the strong horizontal support. This could set the stage for a technical rebound. The brave & agile traders may try to trade this technical set-up. If you choose to do so, you are advise to set your protective stops.
Chart: SPSetia's weekly chart as at Sept 12, 2011 (Source: Tradesignum)
Chart: SPSetia's weekly chart as at Sept 12, 2011 (Source: Tradesignum)
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5 comments:
Bro,
It seem many blue chips also fall below 200 MA; and highly chance going to a bearish soon.
What do you think where will be our support at if the bearish is coming? Will CI re-kiss 800 levels? Thanks for sharing.
Any comment on Mahsing?
Based on my DCF estimation, SPSETIA fair value is around 3.2.
Hi ahfook
Mahsing's immediate support is at the horizontal line RM1.90. Thereafter, it will be the long-term uptrend line support at RM1.70.
Hi Ivan
Hard to say. Anything can happen when market goes into the extreme. At this moment, I am inclined to think that we would see very attractive prices for stock when the FBMKLCI hit the 1250-1350 level.
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