Tuesday, November 17, 2009

PJDev may have a bullish breakout

PJDev is involved in property development, construction, manufacturing & hospitality (via Swis-Garden Hotel group). For FYE June 2009, it reported a net profit of RM22.6 million on a turnover of RM629 million.

The stock has broken to the upside of a ascending triangle at RM0.73. Its next resistance is at RM0.88-90. See the daily & weekly charts below.


Chart 1: PJDev's daily chart as at Nov 17, 2009_9.40am (Source: Quickcharts)


Chart 2: PJDev's weekly chart as at Nov 17, 2009_9.40am (Source: Quickcharts)
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2 comments:

  1. 仑襁Tuesday, November 17, 2009 11:49:00 AM

    can u comment on the Sunrise? price did not perform proportional to its good quaterly report. I wonder shoud i hold it for long term or ?

    thanks

    ReplyDelete
  2. Alex LuTuesday, November 17, 2009 12:16:00 PM

    Hi 仑襁,

    Sunrise looks weak. It should find support at the 100-day SMA line at RM2.10. Its overhead downtrend line resistance is at RM2.60.

    For short-term, it is likely to drift lower towards the 100-day SMA line and maybe momentarily testing the psychological RM2.00 before recovering.

    ReplyDelete