Tuesday, March 22, 2011

Perisai- a possible trading BUY (SUPERSEDED)

NOTE: THIS POST IS SUPERSEDED BY THE FOLLOWING POST DUE TO ERROR IN THE CHART AND THE ACCOMPANYING COMMENTARY.

Perisai has broken above its long-term downtrend line at RM0.68 today. It has also surpassed its horizontal resistance at RM0.69. Its immediate horizontal resistance at RM0.73 will be next. The indicators are quite positive. This stock could potentially rally to test its horizontal resistance at RM0.80 & RM0.94-0.95.

Based on technical consideration, Perisai could be a trading BUY.


Chart: Perisai's daily chart as at March 22, 2011_11.30am (Source: Quickcharts)
at

4 comments:

  1. DesmondTuesday, March 22, 2011 2:15:00 PM

    Mr Alex,

    Just would like to confirm with you whether PERISAI ever reached RM1.60-1.70 in 2008? as per your chart.

    ReplyDelete
  2. Alex LuTuesday, March 22, 2011 4:04:00 PM

    Hi Desmond

    PERISAI hit a high of RM1.67 in January 2008. Those were the crazy days when crude oil was charging as a bull and hit a high of USD147 in mid-2008. Who knows? We may revisit this price again if the Middle East goes up in flames.

    The interest in Perisai may have more to do with what its major shareholder, Singapore-based Ezra Holdings wants to do with Perisai. Recently Perisai proposed to acquire 51% stake in Intan Offshore Sdn Bhd, which owns a fleet of eight ships, in exchange for the issuance of RM45.2 billion in new Perisai shares. Perisai was granted a license by Petroliam Nasional Bhd (Petronas) of chartering vessels about one month ago and this proposed acquisition fit nicely into its plan to venture into the chartering of vessels for the Oil & Gas sector.

    ReplyDelete
  3. EthanTuesday, March 22, 2011 5:17:00 PM

    Mr. Alex, have u factor in the bonus share issue for perisai ? I check from chartnexus and found that perisai never reach RM1.60 - RM1.70 after bonus issue adjustment . thanks

    ReplyDelete
  4. Alex LuWednesday, March 23, 2011 8:50:00 AM

    Hi Ethan

    Thanks for pointing out the error in the chart.

    ReplyDelete