Friday, October 16, 2009

Cenbond may have a bullish breakout

Cenbond has a nice bullish breakout yesterday. Before this, it was consolidating in a triangle with the upside resistance at RM0.72.


Chart 1: Cenbond's daily chart as at Oct 15, 2009 (Source: Quickcharts)

The RM0.72 level happened to be a very strong horizontal resistance too. With yesterday's breakout, this will become a strong horizontal support.


Chart 2: Cenbond's weekly chart as at Oct 15, 2009 (Source: Quickcharts)

Today, Cenbond shed RM0.07 to close at RM0.76. Look out for this stock. I think it is a good trading BUY when it comes closer to RM0.72. Hat tip to reader Solomon for alerting me on this stock. I have posted on Cenbond a long time ago (go here).
at

5 comments:

  1. WK888Friday, October 16, 2009 7:46:00 PM

    LHH looks like a breakout too... another breakout from triangle... nice volume too...

    ReplyDelete
  2. UnknownFriday, October 16, 2009 8:29:00 PM

    Sudden surge with large % normally mean 'show' will end in quick......is it true?

    ReplyDelete
  3. WK888Friday, October 16, 2009 9:54:00 PM

    well.. they might b going side ways for along time & they r just playin catch up....

    LHH looks undervalue for a country largest chicken player... can easily worth RM2.50

    ReplyDelete
  4. Alex LuTuesday, October 20, 2009 8:38:00 AM

    Hi Guys,

    LHH had only one decent rally in the past 6 years and that was for only 2 months from Dec 2005 to Feb 2006. The stock tends to move very, very slowly between RM0.80 & RM1.40. Raw material cost may be rising again. It will be hard pressed to pass on the increased cost to the consumer.

    Chartwise, it may have an upside breakout of a triangle at RM1.07 on Oct 16. Overhead resistance can be seen at RM1.15, RM1.20, RM1.35 & RM1.45.

    ReplyDelete
  5. WK888Friday, October 23, 2009 11:51:00 AM

    alamak... LHH = useless counter... only 1-2 days action...

    ReplyDelete