Chart 1: Coastal's daily chart as at June 21,2011_9.45am (Source: Quickcharts)
Chart 2: Coastal's weekly chart as at June 21,2011_9.45am (Source: Quickcharts)
Based on technical consideration, it is advisable to take some profit on Coastal.
Tuesday, June 21, 2011
Coastal- may have a bearish reversal
Coastal has broken to the downside of its triangle at RM3.58-3.60. It is struggling to recover above the breakdown level over the past 2 days, without success. This breakdown could be a reversal pattern and Coastal could drop back to its psychological support of RM3.00 & then its strong horizontal support of RM2.90.
Chart 1: Coastal's daily chart as at June 21,2011_9.45am (Source: Quickcharts)
Chart 2: Coastal's weekly chart as at June 21,2011_9.45am (Source: Quickcharts)
Based on technical consideration, it is advisable to take some profit on Coastal.
Chart 1: Coastal's daily chart as at June 21,2011_9.45am (Source: Quickcharts)
Chart 2: Coastal's weekly chart as at June 21,2011_9.45am (Source: Quickcharts)
Based on technical consideration, it is advisable to take some profit on Coastal.
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2 comments:
Hi!,
Would the bonus and warrant issues boost its price? It has not been on the upward movement despite the announcement.
What do you think?
Hi mosea
I think the proposed bonus and warrant issues have boosted the share price. So has the story that a major shareholder of IJM, Mr Koon Yew Yin has a big stake in Coatal ( here ).
If you subscribe to the idea outlined in Mr Koon's srticle & you are prepared for the long haul, you should hold on. On the other hand, if you are worried about short-term weakness in the market & this atock, you may want to do a trading SELL, which is sell now & buy back at lower price. The choice is yours.
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