Thursday, December 27, 2012

Oldtown- possible breakout at hand?

Oldtown has just broken above its recent high at RM2.26, albeit on thin volume. If it can recruit sufficient volume, Oldtown may continue with its prior uptrend. With sufficient buying support, this stock may continue with its prior uptrend. Its potential target could be RM2.70.

Based on the above, Oldtown could be a trading BUY.


Chart: Oldtown's weekly chart as at Dec 27, 2012_12.00pm (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, Oldtown.

7 comments:

luminaire10 said...

Hi Alex,

How do you see the privatise news of YTLPower?

Is share swap a bad idea for minority shareholder of YTLPower?

Thanks,

Ivan said...

Hello,

Genting singapore consider breakup as well?

charles leong said...

hi alex-TQ for highlighting old town.thinking of going in again.got out at 202 the other day.could you please spare some time on ccm?Its so tempting.

Tay Sz said...

Hi Alex,

I am following your blogging years, appreciated you covering on these stock and commending a thoughtful analysis. How about the performance of RSAWIT? It indicating a consolidate sign of pattern, how to turnaround, as my accumulation on 0.96, can I Accumulate further on these situation?

Alex Lu said...

Hi uminaire10

The story of the privatization of YTLPower is plausible & definitely in the interest of YTLCorp. The only thing I find uncomfortable is that it is so well-publicized. It was reportedly suggested by Francis Yeoh that the group plans to privatize a few of its subsidiaries- starting with YTLCement. Would it be more sensible to just do it than talk about it?

Nevertheless, at RM1.60 level, YTLPower is fairly cheap & it is also hanging onto its strong horizontal support (at RM1.50-1.60).

Alex Lu said...

Hi Tay Sz

Thank you for the comment & your visit.

RSAWIT is still in a medium-term downtrend. Its downtrend line resistance is at RM0.90-0.92. Until it achieved a breakout, I think it is better to sell when it test the resistance.

Alex Lu said...

Hi Ivan

Genting Singapore has not yet broken above its downtrend line, where the resistance is at S$1.40-1.41.

Genting HK is also very near the downtrend line resistance at S$0.36-0.37.

Let's wait & see......