Chart: Supermx's weekly chart as at October 4, 2011_9.35am (Source: Quickcharts)
[Note: As at 9.40am, it is at RM3.02!]
Tuesday, October 04, 2011
Supermx in a sharp rally!
Supermx defies the bearish market sentiment yesterday & this morning. As at 9.35am, it was trading at RM2.96- a gain of 19 sen- in a sea of losers. Let us take a quick look at the technical obstacles in its rise. It should encounter resistance at the psychological RM3.00 level. Above that, it may encounter resistance from the horizontal line at RM3.10 & then the medium-term downtrend line at RM3.35.
Chart: Supermx's weekly chart as at October 4, 2011_9.35am (Source: Quickcharts)
[Note: As at 9.40am, it is at RM3.02!]
Chart: Supermx's weekly chart as at October 4, 2011_9.35am (Source: Quickcharts)
[Note: As at 9.40am, it is at RM3.02!]
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4 comments:
Hi Alex
The investment in supermx in short term or middle term ?
TQ
Hi Alex,
Would YTLPower be considered a good buy at this price range? Based on their 2 year chart, this stock has been on a downtrend until its current price of around 1.67. What do you think and appreciate your insights on this.
Hi cheer
supermx could have bottomed. However, it shot up too much, too fast. I called a SELL. Let's wait for a pullback to RM2.50-2.70 to get into for long-term investment.
Hi Pau Kah Liau
As noted in an earlier post, the energy sector may undergo some pretty drastic re-balancing. Whether there is sufficient political to bring about some reform in this sector is still an open question.
However, YTLPower has invested in YTLE which launched its high-speed WiMAX broadband services in 2010. The telecommunication sector is a money-burner & there is no guarantee that it will be a success. This could be one of the reasons why some funds managers who love YTLPower previously for its dependable financial performance are beginning to feel edgy.
The stock has broken its long-term uptrend line at RM1.80-1.90. Its immediate support is at RM1.60.
http://nexttrade.blogspot.com/2011/09/energy-stocks-power-shift-developing.html
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