Recently, the share price of Takaful Malaysia rose steadily after breaking above its horizontal resistance at RM2.40. It is now trading at RM2.70. Takaful is reported to be close to selling a stake in its Indonesian unit to a local partner to expand its distribution network in the republic (here). This could be the reason for the ra-rating of the stock, which was the pioneer in the field of Islamic insurance but alas it was overtaken by many newcomers.
I have lined up the chrats of BIMB & Takaful below. You may note the followings:
1) BIMB's immediate resistance is at the horizontal line at RM2.40; and
2) BIMB's most recent rally was in June 2011, which was preceded by a rally in Takaful in April.
Since Takaful has broken above its horizontal resistance at RM2.40, the question to ask is whether BIMB will follow suit & break above its resistance at RM2.40. As such, it is worth to track the price movement in BIMB closely & buy once it break above the RM2.40.
Chart: BIMB & Takaful's daily chart as at March 27, 2012-10.30am (source: Quickcharts)
4 comments:
Thanks for sharing! I have been reading your blog since January, this year. It's very informative...
Hi Alex ,
Can you comment on overall KLSE market outlook recently? It seem like getting weak for me.
Tx!
i've found that, Perdana Petroleum is suddenly fall into downtrend.. any opinion about this stock?
Hi This si the day,
Perdana definitely still in a downtrend, with resistance at RM0.75. Its support is at RM0.55-0.60.
I am not familair with this stock.
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