Thursday, January 10, 2013

Mudajya broke above its long-term downtrend line

Mudajya has just broken above its long-term downtrend line at RM2.70. With this upside breakout, Mudajya could be poised for an uptrend. Based on technical consideration, this stock could be a good medium-term investment. For more on Mudajya, go to my earlier post (here).

Chart: Mudajya's weekly chart as at Jan 10, 2013_3.00pm (Source: Quickcharts)

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, Mudajya.

1 comment:

Mat Cendana said...

This is one of my most favoured stocks in KLSE. I'm surprised by the fact that many investors - institutions especially - don't seem to think too much of it. This is a counter which has been paying regular dividends: this fact alone justifies having it in one's portfolio.

Detractors point to "the problems" concerning its coal supply for the power plant in India. Mudajaya had already taken great pains to explain this and I don't think it's such a huge problem. I believe that should this uptrend momentum be sustained, Mudajaya should go past 2.80 and then challenge 3.00. If it gets past the latter, it will likely not come down to the current (low) levels again. Not with a counter with such strong fundamentals.