Wednesday, January 06, 2010

Axiata may have a bullish breakout

Axiata has just broken above its medium-term downtrend line at the RM3.15.


Chart: Axiata's daily chart as at Jan 6, 2010_9.25am (Source: Quickcharts)

7 comments:

Mother of Two said...

Hi Alex,
Would u please comment on Luxchem?

Alex Lu said...

Hi High Society,

Luxchem is involved in the supply of industrial chemicals & materials and the manufacture of UPRs (unsaturated polyester resins).

It reported a net profit of RM13.9 million on turnover of RM222 million for 9-month ended 30/9/2009. Its annualized EPS is about 14 sen. At the closing price of RM1.13, it is now trading at PER of 8.1 times.

Chartwise, the stock is in an medium-term uptrend, with support at RM0.95-1.00 (from the 50 & 100-day SMA lines). It had a strong rally over the past 6 days but closed with a "shooting star" yesterday. This could indicate a temporary top for the short-term and a pullback to the support of RM0.95-1.00 is possible. If these supports are not violated, Luxchem may continue to trend higher after a short correction.

aro said...

Perfect forecast on Axiata ... thx Alex

Unknown said...

Tq Mr Alex for accurate preduction of Axiata, may be , can U help us on Axiata next resistance level

Alex Lu said...

Hi klinik bersatu,

Axiata's next resistance is about RM3.70-80, but I feel that it may hit the RM4.00 mark. The reason for the high target is that Axiata has been consolidating for a fairly long period (about 5 months) and a rally after a long consolidation can be quite powerful.

Alex Lu said...

Hi Ahmad Rozian,

You're most welcome. However, there are many predictions or calls that did not pan out as I had hoped for. Even those that had turned out to be accurate were rather short-lived. I'm worried that this CNY rally may become one giant bulltrap.

Unknown said...

Thank Mr Alex. I'm your avid nexttrade blog reader since my friend introduced to me 2-3 years ago.
Now, I start to buy some GENM - I feel its will move soon.

Anyway, I from Penang Island. If u coming now to Penang, pls give me a call, I like to meet u personally and thank you.

Please contact me with this e-mail :bayeap@streamyx.com