Supermx re-testing its recent low

Supermx has dropped sharply over the past 4 or 5 days, after making a 3-month high of RM1.06 on February 17. As at 4.30 pm today, Supermx was trading at RM0.79. That's lower than the recent low of RM0.80 recorded on December 30, 2008. A quick recovery from this level is crucial, failing which Supermx share price could continue to drift lower.


Chart: Supermx's daily chart as at Feb 23, 2009 (source: Quickcharts)

Sadly, Supermx has proven to us that some time there is a reason why a stock is a laggard. My earlier call on this stock did not work out as anticipated & we may have to clear our position, if there is no rebound from the RM0.80 level by tomorrow. (here).