Friday, January 27, 2012

Mudajya may continue its recovery

As noted earlier, Mudajya is an attractive construction stock with strong experience in the building the power plant. Since that post, the stock has been inching higher. Recently, the rise was capped by the horizontal resistance at RM2.57. Today, it broke above that level. With this, Mudajya may test the next resistance is the horizontal line at RM2.75 and then the intermediate downtrend line at RM3.00.

Based on this, I think Mudajya can be a good trading BUY.


Chart: Mudajya's daily chart as at Jan 27, 2012_9.30am (Source: Quickcharts)

4 comments:

Anonymous said...

Hi Alex

Can you comment on Ivory? It has proposed 1 right + 1 free warrant for every 1 exiting share; 1 bonus share for every 4 right share subscribe.

VallWin said...

Cheers alex. Good call on this Mudajaya.

Denny said...

At current price the stock has hit 50% Fibonacci resistence level is this still a buy at this level what is your view?

Alex Lu said...

Hi Denny

Mudajya (at RM2.89) has recovered RM1.11 (or 42%) of the lost ground of RM2.64 when it slid from its recent high at RM4.42 to the recent low of RM1.78. Its next strong resistance is at RM3.00.