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.
Hi!,
ReplyDeleteWould 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
ReplyDeleteI 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.