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Friday, November 30, 2012

Orient- uptrend to continue

Orient closed at the horizontal/psychological resistance of RM8.00 yesterday. This morning, it broke above its recent high at RM8.10. See Chart 1. These double breakouts signals the continuation of its uptrend, with a potential target of RM9.50-10.00.

Based on  technical consideration, Orient could be a trading BUY.


Chart 1: Orient's daily chart as at Nov 30, 2012_12.10pm (Source: Quickcharts)


Chart 2: Orient's monthly chart as at Nov 30, 2012_12.10pm (Source: Quickcharts)

Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, Orient.

5 comments:

charles leong said...

hi alex -i went in at 783 on tuesday after tracking since your last blogging.today is T3.my target is 900.any advice?

charles leong said...

Hi alex.I went in on spsetia at 305 on wednesday.any TP on this counter?

luckystock2 said...

Hi Alex,
Can your comment a bit on its fundamental also.
Tx!

Alex Lu said...

Hi charles leong

You did well on Orient & SPSetia. Good luck.

Alex Lu said...

Hi luckystock2

Orient's PE is at rather high at 19 times. However, there may be a reason for the breakout, which we do not know about. Sometime fundamental & technical analysis diverge and we have to make a judgment call.