Monday, March 29, 2010

Proton may be a good trading BUY

Proton has just surpassed the horizontal resistance & its recent high of RM4.60-62 (see Chart 1). This is also the medium-term downtrend line (see Chart 2). With this breakout, Proton may test its next resistance at RM5.00 & thereafter at RM6.00.


Chart 1: Proton's daily chart as at Mar 29, 2010_12.30pm (Source: Quickcharts)


Chart 2: Proton's weekly chart as at Mar 29, 2010_12.30pm (Source: Quickcharts)

Based on the technical reading, I believe Proton could be a good trading BUY.
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4 comments:

  1. Peter ChanMonday, March 29, 2010 3:12:00 PM

    Hi Alex,

    I think TCHONG has hit new high.

    ReplyDelete
  2. Alex LuMonday, March 29, 2010 4:28:00 PM

    Hi Peter,

    TChong has surpassed its January High of RM3.61. We may see further upside from here.

    ReplyDelete
  3. AnonymousMonday, March 29, 2010 4:47:00 PM

    wimax stocks come! bro, will wimax stocks up further tomorrow? gpacket,redtone and ytle which one is ur top pick?

    ReplyDelete
  4. Alex LuTuesday, March 30, 2010 1:19:00 PM

    Hi Wong,

    YTL-e may have a bullish breakout at RM0.80-81. The other two stocks, Redtone & Gpacket are work-in-progress. I would avoid these stocks as the wireless broadband is an extremely competitive sector to be in. They have to fight, not only among themselves but also against TM's Uni-fi & other mobile telecommunication operators, such as Maxis, Digi & Celcom. If there is only one survivor, my bet is on Gpacket. However, even Gpacket is burning cash faster than it can replenish.

    ReplyDelete