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)
3 comments:
Good day Alex,
What is your view on MMC ? TQ
Hi Ivan,
MMCCorp tested and rebounded from its long-term uptrend line at RM1.60. It may be breaking above its "downtrend line" at RM2.15-2.20. It may soon go into an uptrend as its weekly MACD is now in positive territory and its +DMI is rising while -DMI is dropping. The uptrend momentum is lacking but it's slowly building up. If it can stay above RM2.20 price level, it can soon test the immediate resistance at RM2.30 from the horizontal line and if this resistance is taken out, it may go all the way to RM2.80.
Hold if you have the stock.
Thx Alex. Last Friday it was closed at RM 2.20. TQ
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