Chart: PChem's daily chart as at June 8, 2011_3.30pm (Source: Quickcharts)
Wednesday, June 08, 2011
PChem may have broken its uptrend line at RM7.10.
PChem dropped marginally below the medium-term uptrend line support at RM7.10 yesterday. Today, it pulled away & traded at a low of RM6.97. If PChem cannot recover back above this uptrend line quickly, its uptrend would be over. In such a scenario, I would cancel the earlier trading BUY call and instead recommend a SELL for this stock. (Note: Even if PChem failed to recover back above its uptrend line, PChem- being a GLC- is likely to drift lower instead of dropping quickly. That's one of the benefit of being a GLC stock. You can always count on the support from local funds.)
Chart: PChem's daily chart as at June 8, 2011_3.30pm (Source: Quickcharts)
Chart: PChem's daily chart as at June 8, 2011_3.30pm (Source: Quickcharts)
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6 comments:
Hi,
What is your view on local market after the budget 2012?
Frankly speaking, I don't see any friendly budget which was been say by PM. Thx
Hi Ivan,
I agree. Then again, I didn't expect much.
Hi Alex,
What are your expectation for pchem counter? Where is the support and resistence?
Will pchem move toward RM6 ?
Hi Ivan,
The resistance is at RM5.80, RM6.00 & RM6.20. Will it go up to test these levels? I don't know.
Thanks Alex for your reply.
Regional mkt up today. Thx to DJIA +330 yday. Shall we name as techinical rebound?
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