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.