Tuesday, January 31, 2012

GenM- an upside breakout, as ordered?!

Is this for real? For those who have followed this stock, this breakout is long overdue. We can never be sure. For more on this, check out my recent article in Merdeka Review.


Chart 1: GenM's daily cahrt as at Jan 31, 2012 (Source: quickcharts)

If you look at the daily chart above, we can see that GenM has broken above the horizontal resistance at RM3.95. It has also broken above the psychological RM4.00 level (see the weekly chart below). GenM's movement over the past 16-18 months take the shape of an expanding triangle. This triangle would pose resistance as well as support for the stock. As such, I believe the immediate resistance for GenM is at RM4.20, the upper boundary of the triangle.


Chart 2: GenM's weekly cahrt as at Jan 31, 2012 (Source: quickcharts)

Should you trade this breakout? I shall leave that to your discretion.
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6 comments:

  1. leekokhaiTuesday, January 31, 2012 7:49:00 PM

    hi,Alex
    how about counter mbmr ?
    I buy in rm3.34, Can take profit now ?

    ReplyDelete
  2. cheerTuesday, January 31, 2012 8:53:00 PM

    Hi Alex

    Mudajaya has begun the engibe?

    ReplyDelete
  3. luckystock2Wednesday, February 01, 2012 11:02:00 PM

    Hi Alex ,
    What do you think about Crestbuider? Its PE is low , NTA is high and looks very bullish now.
    Tx!

    ReplyDelete
  4. jessyThursday, February 02, 2012 12:18:00 AM

    Alex,

    Could you comment on Tenaga and Pchem.

    ReplyDelete
  5. Alex LuFriday, February 03, 2012 2:51:00 PM

    Hi jessy

    Tenaga is still in a short-term uptrend line with support at RM5.70-5.80.

    Pchem is in an uptrend with immediate support at RM6.65 & immediate resistance at RM7.00 & then at RM7.30.

    ReplyDelete
  6. Alex LuFriday, February 03, 2012 2:53:00 PM

    Hi luckystock2

    Crestbuider is in an "expanding" range between RM0.50 & RM0.90. Now, it looks like it may continue to rise & possibly test the RM0.90 level.

    ReplyDelete