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Monday, January 06, 2014

MMC- upleg should pick up pace!

MMC broke above its strong horizontal cum psychological  resistance at RM3.00 today. With this, the stock could potentially retest its 2010 high at RM3.20 (or RM3.35). The breakout may be prompted by fundamental development as mentioned earlier. (Note: As at 12.25pm, MMC is trading at 3.12-3.13.)

Based on technical breakout, MMC continued to be a good trading BUY.


Chart 1: MMC's daily chart as at Jan 3, 2014 (Source: Tradesignum)


Chart 2: MMC's weekly chart as at Jan 3, 2014 (Source: Tradesignum)

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, MMC.

9 comments:

lai said...

Hi Alex,

After looking at Latitud long term chart, am i right to say that the next price target around RM3?

Thanks

Alex Lu said...

Hi Lai,

Latitud's next resistance levels are RM2.40, RM2.80, RM3.00 & RM3.30.

gwynwelsh said...

what do you think of Coastal Contracts? It has been moving up strongly since New Year.

gwynwelsh said...

Appreciate if you could bring us up to speed on P&O, Maybulk and MKH. These are stocks which I think may perform well this year.

Sze Young Tan said...

Hi Alex,

Is Bornoil still on an uptrend despite retreating for the 2nd day today?

富升 said...

MMC go up so fast and turn down again.

Fluctuate too much.

At the same time Mudajya also moving down.

loy chang said...

what happen?? not broke the strong resistance aldy why drop back..when can happen again??

Alex Lu said...

Hi loy chang & 富升

I think those who went in MMC based on my call are stuck. My regret that the call did not work. If the share price does not recover back above RM3.00 soon, you may have to exit at a loss.

Alex Lu said...

Hi Sze Young Tan

Bornoil is a long-term uptrend line with support at RM0.32. Except for the sharp rallies in April-May 2009 & January 2011, all upside moves had been checked by a parallel line that lies RM0.50 above the long-term uptrend line. Thus, the recent rally fizzled out as it came close to that line (at RM0.80). Unless there is something significantly different, I doubt the stock will surpass the recent high at RM0.75.