Armada broke above its downtrend line at RM3.45 on October 6. An short-term uptrend line has also formed. If we draw a line connecting the recent high, we have an irregular upward channel. The current upswing may send this stock to test the upper channel at RM4.20-4.25. However, the stock may weak back to re-test its uptrend line at RM3.70-3.75- which would be a good entry point.
I am more comfortable to nibble into this stock on pullback towards the uptrend line.
Chart 1: Armada's daily chart as at Nov 16, 2011_9.40am (Source: Quickcharts)
Chart 2: Armada's 60-min chart as at Nov 16, 2011_9.40am (Source: Quickcharts)
2 comments:
Hi Alex ,
What do you think about TDM which seem like have a breakout today and Hsplant which is trading sideway ? I like both stock with their cheap valuation.
Tx!
Hi luckystock2
You are right about TDM achieving a breakout at RM3.20. Hsplant resistance is at RM2.70- no breakout yet.
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