Monday, January 04, 2010

Salcon broke out of the Cup & Handle formation

Salcon had an upside breakout of its Cup And Handle formation. This breakout should signal the start of Salcon's next upleg. The immediate targets are RM0.80 & RM0.90-0.95. For more on Salcon, see my earlier post.


Chart: Salcon's daily chart as at Jan 4, 2010_10.15am (Source: Quickcharts)
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4 comments:

  1. JRMonday, January 04, 2010 1:12:00 PM

    Hi Alex,
    Will this leg lasts since the volume is weak or an attempt to break out?

    Appreciate your feedback.

    BR.

    ReplyDelete
  2. solomonMonday, January 04, 2010 2:02:00 PM

    Good day Alex,

    Appreciate your knowledge on HUAAN.

    As for Salcon, the earning is not exciting yet with huge capital outflow in the initial years. Well, if the sentiment is back, anything is possible right?

    ReplyDelete
  3. Alex LuMonday, January 04, 2010 5:00:00 PM

    Hi JR,

    The volume for Salcon is picking up. It is a bullish breakout & one can only wait for the volume to pile in. I guess one has to take a chance by opening a small position. If we wait too long or for all signals are to be right, then the price could be higher than what it's today.

    ReplyDelete
  4. Alex LuMonday, January 04, 2010 5:06:00 PM

    Hi Solomon,

    Your thoughts on Salcon is about right. However, we may have to re-examine its water and waste-water treatment division. This division may have attained a significant level which could warrant a re-rating of the stock.

    I have no comment on Huann. The stock is moving sideway, with no indication of its next price direction.

    ReplyDelete