MMC- Are We There Yet?

MMC is a well-diversified conglomerate, with interest in Transport & Logistics; Energy & Utilities; and, Engineering & Construction. Whenever it ventures out to bid for big contracts, MMC often acts as Kemosabe to Gamuda's Lone Ranger. For that reason & its rather underwhelming financial performance (here), MMC never seems to get respect from the market. Well, that's about to change.

Chartwise, MMC looks poised for an upswing. From Chart 1, we can see that MMC is now pressing against the intermediate downtrend line at RM2.75. A breakout above this downtrend line could be the start of a rally for the stock. Its immediate resistance is the horizontal line at RM2.90 and then at RM3.15. Its immediate support is at the horizontal line at RM2.70 & then at RM2.50.

Based on the above, you should keep a close tabs on this stock.


Chart 1: MMC's daily chart as at Jan 12, 2012_12.10pm (Source: Quickcharts)



Chart 2: MMC's weekly chart as at Jan 12, 2012_12.10pm (Source: Quickcharts)