Chart 1: GenM's daily cahrt as at Jan 31, 2012 (Source: quickcharts)
If you look at the daily chart above, we can see that GenM has broken above the horizontal resistance at RM3.95. It has also broken above the psychological RM4.00 level (see the weekly chart below). GenM's movement over the past 16-18 months take the shape of an expanding triangle. This triangle would pose resistance as well as support for the stock. As such, I believe the immediate resistance for GenM is at RM4.20, the upper boundary of the triangle.
Chart 2: GenM's weekly cahrt as at Jan 31, 2012 (Source: quickcharts)
Should you trade this breakout? I shall leave that to your discretion.
6 comments:
hi,Alex
how about counter mbmr ?
I buy in rm3.34, Can take profit now ?
Hi Alex
Mudajaya has begun the engibe?
Hi Alex ,
What do you think about Crestbuider? Its PE is low , NTA is high and looks very bullish now.
Tx!
Alex,
Could you comment on Tenaga and Pchem.
Hi jessy
Tenaga is still in a short-term uptrend line with support at RM5.70-5.80.
Pchem is in an uptrend with immediate support at RM6.65 & immediate resistance at RM7.00 & then at RM7.30.
Hi luckystock2
Crestbuider is in an "expanding" range between RM0.50 & RM0.90. Now, it looks like it may continue to rise & possibly test the RM0.90 level.
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