Friday, January 20, 2012

MBMR may have a bullish breakout

Yesteday, MBMR broke above its 3-fan downtrend line at RM3.40. This morning, it broke above its strong horizontal resistance at RM3.50 (on good volume). With this double breakout, MBMR could rally to the psychological RM4.00 level & then to the all-time high of RM4.50-4.60.

Based on this technical breakout, MBMR could be a good trading BUY.

Chart: MBMR's monthly chart as at January 3, 2012 (Source: Tradesignum)


luckystock2 said...

Hi Alex ,
What do you think about Latexx? It broke 2.00 but now retrace back to 1.93. Is it a good buy now or we should wait until 1.84 ?

Alex Lu said...

Hi luckystock2

Latexx will likely to be the slowest one of the rubber glove stocks. Nevertheless, it should have good support at RM1.90 & its resistance is at RM2.00-2.05.