Friday, September 09, 2011

Topglov- broke its strong horizontal support at RM4.70

Topglov has finally broke below its string horizontal support of RM4.70. Unless a recovery happens quickly, the stock looks set to go lower. Its next support levels are the horizontal lines at RM4.00 & RM3.50. As at 3.00pm, it is trading at RM4.56.


Chart : Topglov's weekly chart as at Sept 9, 2011_3.00pm (Source: Quickcharts)

Note: Earleir, I've made a mistake in the stating thta Topglov had broken below the horizontal support of RM3.70. The correct figure is RM4.70. Hat tip to Reader Digital for pointing out this error to me.
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3 comments:

  1. Denny CJ LiewSaturday, September 10, 2011 1:05:00 AM

    Hi Alex any idea on Mudajaya? Do you is a buy on this stock?

    ReplyDelete
  2. DigitalSaturday, September 10, 2011 9:52:00 PM

    Alex, should be 4.70 and not 3.70.

    ReplyDelete
  3. Alex LuMonday, September 12, 2011 5:49:00 PM

    Hi Denny

    Mudajaya is hanging onto its strong support of the horizontal line RM2.35-2.40. Four weeks ago, it broke the strong horizontal support of RM2.75-2.80.

    If it breaks below the RM2.35-2.40 level, Mudajaya's next support would be the psychological RM2.00 level & then the horizontal line at RM1.50!

    I do not know why the stock is dropping so much. It could be due to the overall poor market sentiment. The company is making money. With the former CEO of Bursa, Yusli joining Mudajaya, the concern that its books might not be clean should be put to rest.

    ReplyDelete