Friday, July 23, 2010

MMCCorp may have a bullish breakout

MMCCorp has finally broken above its strong horizontal resistance at RM2.55 today. With this breakout, MMC may rally to test its next resistance at RM2.80 and thereafter at RM3.10.


Chart 1: MMCCorp's daily chart as at July 23, 2010_11.25am (Source: Quickcharts)


Chart 2: MMCCorp's weekly chart as at July 23, 2010_11.30am (Source: Quickcharts)

Based on the bullish breakout, MMCCorp could be a trading BUY. In view of the uncertainty in the overall market, you need to exercise your discretion on trading activity at the present moment.
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14 comments:

  1. UnknownFriday, July 23, 2010 12:13:00 PM

    Hi Alex
    can you please advise Genting. I see resistance at 7.65.
    also Axiata, can you give comment

    ReplyDelete
  2. UnknownSaturday, July 24, 2010 4:22:00 AM

    This comment has been removed by the author.

    ReplyDelete
  3. UnknownSaturday, July 24, 2010 4:24:00 AM

    Hi! Alex,
    I'm new here.
    May I consult with you whether Citigroup Inc. (Public, NYSE:C)a good counter to invest ?

    Thank you
    Foong

    ReplyDelete
  4. Ethan LeeSaturday, July 24, 2010 11:34:00 AM

    Hi Alex,

    Can you give the target price for London Biscuit?

    Thanks

    ReplyDelete
  5. keane hongSaturday, July 24, 2010 4:17:00 PM

    Hi Mr Alex,

    Could you advise BJCORP & Unisem whitin shorten period.

    How about after bonus issued of Unisem ?
    How about BJCORP? Lowest level price?

    ReplyDelete
  6. NGUSaturday, July 24, 2010 11:37:00 PM

    Hi Alex,

    How do you see JCY stock-seems to have come down quite a bit lately and is well below its IPO price ?

    ReplyDelete
  7. UnknownMonday, July 26, 2010 1:18:00 AM

    Hi Alex,

    Can you comment on the new IPO focus point and bjcorp retail?

    Thanks

    ReplyDelete
  8. AnonymousMonday, July 26, 2010 8:16:00 AM

    This comment has been removed by a blog administrator.

    ReplyDelete
  9. Alex LuMonday, July 26, 2010 11:57:00 AM

    Hi William,

    Genting has broken above its medium-term downtrend line at RM7.40.
    Axiata has broken above its recent high of RM4.00 (as noted in my post dated July 12). With these breakout, I expect both stocks to go higher.

    ReplyDelete
  10. Alex LuMonday, July 26, 2010 12:06:00 PM

    Hi Perry

    I am not familiar with Citigroup Inc. Based on technical analysis ONLY, I would say the following:
    1) Citigroup has bottomed;
    2) It has formed a very gradual uptrend, with support at USD3.65-70;
    3) Its 50, 100 & 200-day SMA lines are all crowded around USD3.90-4.10. Thus, the USD4.00 is a strong support level & a good entry point.
    4) Its target for the developing rally is USD5.00.

    Based on this, I think Citigroup could be a BUY.

    ReplyDelete
  11. Alex LuMonday, July 26, 2010 12:10:00 PM

    Hi Ethan Lee

    The resistance levels are RM1.30, RM1.50, RM1.65 & RM2.00. The horizontal line at RM1.65 should be a very strong resistance. For a medium-term play, that may be your target price.

    ReplyDelete
  12. Alex LuMonday, July 26, 2010 12:29:00 PM

    Hi keane hong

    BJCorp is in a downtrend after a uptrend that lasted 12-15 months. I think BJCorp could potentially hit a low of RM1.00 or even RM0.80.

    Unisem has a short-term uptrend line support at RM3.10. After the bonus entitlement (on July 28), the stock would adjust lower (to about RM2.38 based on current price of RM3.10). In a bullish market, I believe Unisem would then climb higher.

    ReplyDelete
  13. Alex LuMonday, July 26, 2010 12:37:00 PM

    Hi NGU

    JCY reported a EPS of 7 sen for 1H2010. Based on its close of RM1.40 this morning, JCY is trading at a current PER of 10 times, which looks reasonable.

    JCY has broken below the horizontal line RM1.44-45. This could signal the beginning of further downside for this stock.

    Based on the bearish technical outlook, you may want to see whether JCY can recover back above the RM1.45 level.

    ReplyDelete
  14. UnknownMonday, July 26, 2010 3:31:00 PM

    Hi Alex,

    many thanks for your reply.

    ReplyDelete