Tuesday, June 08, 2010

IRCB may have a bullish breakout

Integrated Rubber Corporation Bhd ('IRCB') broke above its downtrend line at about RM0.70 today. From the 60-min intra-day chart (Chart 1), we can see that IRCB has broke above its triangle at RM0.68 & the downtrend line that stretched back to mid-April at RM0.70-71. From the daily chart (Chart 2), we can see a breakout at RM0.67 a few days ago. The next resistance will be at RM0.80 and then at RM0.85.


Chart 1: IRCB's 60-min chart as at June 8, 2010_3.00pm (Source: Quickcharts)


Chart 2: IRCB's daily chart as at June 8, 2010_3.00pm (Source: Quickcharts)

Based on the above breakout, IRCB could be a trading BUY.

Warning: Global equity market condition is quite precarious with DJIA closing below 10000 yesterday. Further weakness in DJIA could trigger more correction in our local market.
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5 comments:

  1. 07_TeddyF_Silvey0Wednesday, June 09, 2010 1:22:00 AM

    This comment has been removed by a blog administrator.

    ReplyDelete
  2. SkyWednesday, June 09, 2010 10:56:00 AM

    Dead cat jump up.

    ReplyDelete
  3. mandyhewWednesday, June 09, 2010 12:29:00 PM

    Hi Alex,

    Need your comment on NTPM. Tks

    ReplyDelete
  4. Alex LuWednesday, June 23, 2010 12:42:00 PM

    Hi mandyhew,

    NTPM looks toppish. It is trapped with a rising wedge formation, with resistance at RM0.62-63 & support at RM0.55.

    Its results for 9-month ended 31/1/2010 is still commendable, with net profit of RM45 million on turnover of RM290 million. Based on the 9-month EPS was 4 sen, its annualized EPS is estimated to be about 5.3 sen. At yesterday's close of RM0.59, it is trading at a PER of 11 times. With steady growth in earning, NTPM may command higher PER than 11 times. If we assume a PER of 13 times, then NTPM may have upside of 10 sen to 69 sen.

    Based on the above, NTPM is rated a HOLD.

    ReplyDelete
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