Wednesday, July 10, 2013

Coastal- full speed ahead!

In the stock market, you can learn the outcome of your prediction fairly quickly. The outcome can be either right or wrong. Sometimes, you don't get the outcome for a long time and that's really tiresome. In the case  of Coastal, the outcome was not as I had predicted. I opined that the recent sharp rally would not sustain and that the good level to take profit would be about RM2.55 (here).

Coastal has surpassed this resistance (which I have now revised to RM2.60). See Chart 1. If you look at the monthly chart (Chart 2), you can see that Coastal seems to be moving in a giant upward channel (SS-RR). If that channel still holds, then the possible resistance would be RM3.00-3.10.

Chart 1: Coastal-WA's daily chart as at July 10, 2013_10.20am (Source: quickcharts)

Chart 1: Coastal-WA's monthly chart as at July 10, 2013_10.20am (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, Coastal.


evol723 said...

hi alex, may I have ur attention regarding malton. I have notice there are big volume trading on this counter but e price fluctuate btw 0.845 to 0.88.and I hope to hv ur advise if I aim for hold long term.thanks!

Alex Lu said...

Hi evol723

I made the same observation in Malton. I can only guess that the volume is coming from sellers who feel that Malton has limited potential and are moving onto some other stocks. Their selling is well-absorbed by the market.

We have to wait for this price consolidation to run its course, to find out who comes out ahead. as long as the price stays above RM0.80, the chances of an continuation of the rally exists.

evol723 said...

Thanks for ur reply , is so appreciate.

And can i have some story from you regarding Ho Hup Construction. There is high possibility to exist pn17 in coming September.