Wednesday, April 07, 2010

Muhibah may have a bullish breakout

Muhibah had been dropping since it touched a high of RM1.67 on June 12, 2009. It has now broken above the downtrend line at RM1.05. It has also broken above the horizontal line resistance at RM1.07-8. Its next resistance is at RM1.20 & thereafter at RM1.25 & RM1.35-40.


Chart: Muhibah's daily chart as at Apr 7, 2010_3.05pm(Source: Quickcharts)

Based on the bullish breakout, Muhibah could be a trading BUY.
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2 comments:

  1. JYWednesday, April 07, 2010 4:46:00 PM

    Hi Alex

    Would you happen to have this stock TSM under your watchlist? Any view on this counter? Cheers.

    ReplyDelete
  2. Alex LuWednesday, April 07, 2010 4:58:00 PM

    Hi John,

    I did not cover this stock. It's a very profit auto parts manufacturer but the share price has risen a lot.

    TSM is now resting on its 20-day SMA line support of RM3.26, If this support is violated, it may find suppotr at the 50-day SMA line at RM2.94.

    ReplyDelete