Thursday, December 27, 2012

Oldtown- possible breakout at hand?

Oldtown has just broken above its recent high at RM2.26, albeit on thin volume. If it can recruit sufficient volume, Oldtown may continue with its prior uptrend. With sufficient buying support, this stock may continue with its prior uptrend. Its potential target could be RM2.70.

Based on the above, Oldtown could be a trading BUY.


Chart: Oldtown's weekly chart as at Dec 27, 2012_12.00pm (Source: Quickcharts)

Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, Oldtown.
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7 comments:

  1. luminaire10Thursday, December 27, 2012 1:52:00 PM

    Hi Alex,

    How do you see the privatise news of YTLPower?

    Is share swap a bad idea for minority shareholder of YTLPower?

    Thanks,

    ReplyDelete
  2. IvanThursday, December 27, 2012 2:24:00 PM

    Hello,

    Genting singapore consider breakup as well?

    ReplyDelete
  3. AnonymousThursday, December 27, 2012 9:27:00 PM

    hi alex-TQ for highlighting old town.thinking of going in again.got out at 202 the other day.could you please spare some time on ccm?Its so tempting.

    ReplyDelete
  4. UnknownSaturday, December 29, 2012 9:42:00 AM

    Hi Alex,

    I am following your blogging years, appreciated you covering on these stock and commending a thoughtful analysis. How about the performance of RSAWIT? It indicating a consolidate sign of pattern, how to turnaround, as my accumulation on 0.96, can I Accumulate further on these situation?

    ReplyDelete
  5. Alex LuMonday, December 31, 2012 9:50:00 AM

    Hi uminaire10

    The story of the privatization of YTLPower is plausible & definitely in the interest of YTLCorp. The only thing I find uncomfortable is that it is so well-publicized. It was reportedly suggested by Francis Yeoh that the group plans to privatize a few of its subsidiaries- starting with YTLCement. Would it be more sensible to just do it than talk about it?

    Nevertheless, at RM1.60 level, YTLPower is fairly cheap & it is also hanging onto its strong horizontal support (at RM1.50-1.60).

    ReplyDelete
  6. Alex LuMonday, December 31, 2012 9:53:00 AM

    Hi Tay Sz

    Thank you for the comment & your visit.

    RSAWIT is still in a medium-term downtrend. Its downtrend line resistance is at RM0.90-0.92. Until it achieved a breakout, I think it is better to sell when it test the resistance.

    ReplyDelete
  7. Alex LuMonday, December 31, 2012 10:09:00 AM

    Hi Ivan

    Genting Singapore has not yet broken above its downtrend line, where the resistance is at S$1.40-1.41.

    Genting HK is also very near the downtrend line resistance at S$0.36-0.37.

    Let's wait & see......

    ReplyDelete