Monday, April 05, 2010

Scomi poised to test its downtrend line

At the close, Scomi gained 2 sen to end the day at RM0.42 (on volume of 198,026 board lots). This means that Scomi will likely to test its downtrend line resistance at RM0.425-430 tomorrow. A break above the downtrend line may lead to a rally in the share price. The next resistance levels are at RM0.53 & then at RM0.74.


Chart 1: Scomi's daily chart as at Apr 2, 2010 (Source: Tradesignum)


Chart 2: Scomi's weekly chart as at Apr 2, 2010 (Source: Tradesignum)

Let's watch Scomi closely over the next few days & see whether it can achieve a bullish breakout. If an upside breakout occurred, Scomi can be a trading BUY.
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7 comments:

  1. cheerTuesday, April 06, 2010 8:23:00 AM

    This comment has been removed by the author.

    ReplyDelete
  2. cheerTuesday, April 06, 2010 10:48:00 AM

    Hi Alex,

    1) Pls comment Dayang finance background .

    2) Whether is good to get Sunrise a buy ?

    ReplyDelete
  3. JuneTuesday, April 06, 2010 9:38:00 PM

    Hi, Alex,

    How about Scomi future business? It is potential for us as long term hold? or just for short term trading?

    ReplyDelete
  4. Alex LuWednesday, April 07, 2010 8:02:00 AM

    Hi cheer,

    For FYE31/12/2009, Dayang's net profit dropped to RM43.5 million from RM71.4 million despite a 9.4%-increase in turnover from RM180 million to RM197 million.

    Two days ago, Dayang surpassed the high of RM2.07 recorded on Jan 14. If it can stay above this level, the stock may continue to rise.

    Finally, Sunrise is an attractive property stock which has just broken above the horizontal resistance of RM2.30. Its upleg is continuing...

    ReplyDelete
  5. Alex LuWednesday, April 07, 2010 8:03:00 AM

    Hi June,

    There is a good article in the Star on Scomi that may answer your query more completely than I could. Go to: http://biz.thestar.com.my/news/story.asp?file=/2010/3/22/business/5891110&sec=business

    ReplyDelete
  6. UnknownSaturday, April 10, 2010 5:34:00 PM

    dear alex,
    thank for your scomi review.sucj a good article.btw,since scomi is -7% on friday close,is there any chance it will rebound next week?looking for your view.thanks in advance.

    ReplyDelete
  7. ahfookSaturday, April 17, 2010 2:43:00 AM

    Alex,
    After scomi engineering dispose machine shop biz,it will be in net cash position,beside that scomi future growth will be in monorail biz that within scomi engineering,should we buy scomi engineering instead of scomi in order to fully benefit if scomi get the tender for latest monorail project.

    ReplyDelete