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Monday, July 02, 2012

Allianz may have a bullish breakout

Allianz has just broken above its intermediate downtrend line, RR at RM5.05. The volume traded is thin and unconvincing. If the stock can recruit more buying support, then it may rally to retest its high in January 2011 at RM5.50 & then possibly to test the resistance of the previous uptrend line, S1-S1 at RM5.80.

Based on technical consideration, Allianz could be a trading BUy if it can recruit convincing volume.


Chart: Allianz's weekly chart as at June 29, 2012 (Source: Tradesignum)

5 comments:

hng said...

Teng

Can you comment on Pos ? Recent share up upon proposed dividend of 17.5sen, but momentum seem pare down. What is the resistance/support level for Pos?

kelvin888 said...

Hi Alex,
How about another insurance counter, Manulife which is also ignore by the market for sometimes ? What is the upside breakout for this counter ?
Thank you.

cheer said...

Hi Alex

What is your advice on the IHH ?
http://klse.i3investor.com/servlets/forum/900000505.jsp

Thanks

Alex Lu said...

Hi kelvin888

Manulife is in a long-term uptrend line. If on weakness, it may pull back to RM3.10-3.15. That would be a good entry level to the stock. Immediate resistance at RM3.50 & then at RM3.70.

Please check on the financial statement for fundamental outlook.

Alex Lu said...

Hi cheer

I may look at IHH this week.