Tuesday, June 25, 2013

Blue Chip stocks that broke their uptrend line

The following stocks have broken below their intermediate uptrend line. They are Airasia, Maybank, Maxis & Carlsbg.



Chart 1: Airasia's daily chart as at June 25, 2013_12.30pm (Source: quickcharts)


Chart 2: Maybank's daily chart as at June 25, 2013_12.30pm (Source: quickcharts)


Chart 3: Maxis's daily chart as at June 25, 2013_12.30pm (Source: quickcharts)


Chart 4: Carlsbg's daily chart as at June 25, 2013_12.30pm (Source: quickcharts)

A stock that breaks its uptrend line simply signals that its uptrend may be in doubt. If the stock managed to recover above the uptrend line in a few days (preferably 2-3 days), then no harm is done. Failure to do so would mean that the stock would be changing its trend to sideway or even downtrend. Let's wait & see whether these stocks can stage a recovery over the next few days.

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, Airasia, Maybank, Maxis & Carlsbg.

4 comments:

Lisa Wong said...

Hi Alex, what's your opinion of Tenaga? sign of sell?

Alex Lu said...

Hi Lisa Wong

The Tenaga of today is a different animal from the Tenaga of yesteryear. It is no longer burdened by high cost of buying electricity. It has been successful in bidding for new IPPs. We have yet to see the golden age of Tenaga.

Nevertheless, the stock may come under profit-taking pressure as it approaches the RM9.00-9.30 level. I would consider this to be the level for a temporary top. Tenaga is a BUY on weakness at RM7.50-8.00.

Daniel Smith said...

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Saanvi Nair said...

great blog