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Monday, August 18, 2014

Gamuda: Uptrend likely to continue

Gamuda broke above its intermediate downtrend line at RM4.87 today. With this breakout, the stock is likely to continue its prior uptrend. In the past 2 upside breakouts (RR & R1-R1), Gamuda rose by about RM1.00. I believe it could do the same in the current developing breakout.


Chart 1: Gamuda's weekly chart as at Aug 15, 2014 (Source: Tradesignum)

Gamuda-WD has also broken above its intermediate downtrend line at RM2.18. It may also put in a gain of RM1.00.


Chart 2: Gamuda-WD's weekly chart as at Aug 15, 2014 (Source: Tradesignum)

Based on the above technical breakout, Gamuda and its warrant could be good trading BUYs. (At the time of writing, Gamuda & Gamuda-WD were trading at RM4.90 & RM2.20, respectively.)

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, Gamuda & Gamuda-WD.

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