Thursday, March 28, 2013

Gamuda- uptrend to continue

Gamuda broke above its strong horizontal resistance at RM4.00 yesterday. With this breakout, the stock is likely to continue its prior uptrend. Its next resistance is at RM4.50 & then the 2008 high of RM5.00.

Chart 1: Gamuda's weekly chart as at Mar 27, 2013_10.00am (Source: Quickcharts)

Gamuda-WD has broken above its horizontal resistance at RM1.20 & its long-term downtrend line at RM1.22. With these double breakout, the warrant's next resistance is at RM1.30 (which it has just surpassed this morning) and then its 2012 high at RM1.50-1.52.

Chart 2: GAmuda-WD's weekly chart as at Mar 27, 2013_10.00am (Source: Quickcharts)

Based on the above technical breakout, Gamuda and its warrant are both good trading BUY.

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, Gamuda & Gamuda-WD.

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