Tuesday, May 14, 2013

TChong broke above its 2010 high

TChong has surpassed its 2010 high of RM5.75 last week. Yesterday, it broke above the psychological RM6.00 mark. With these double breakout, TChong is poised to go higher. By extrapolation, the possible target for this  move is RM7.55 (by adding the retracement distance in recent consolidation of RM1.80 to the breakout level of RM5.75).

Based on this, TChong could be a good trading BUY or even a medium-term investment stock.


Chart: TChong's weekly chart as at May 14, 2013_9.30am(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, TChong.

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2 comments:

  1. Chun MunTuesday, May 14, 2013 7:12:00 PM

    Hi Alex,
    What is your opinion about tasco? Thank you.

    ReplyDelete
  2. Alex LuWednesday, May 15, 2013 4:37:00 PM


    Hi Chun Mun

    Tasco announced a poor set of result recently. For QE31/3/2013, its net profit dropped 43% q-o-q or 35% y-o-y to RM4.4 million while revenue also declined by 11% q-o-q or 21% y-o-y to RM93 million. Revenue dropped due to lower sales in International Business Solutions [IBS] & Domestic Business Solutions [DBS] segments. The impact of the poor global economy continued to be felt in the IBS segment. The drop in Contract Logistics division in the DBS segment was mainly due to a drop in the customs clearance business.

    Nevertheless, the stock is now not far from its strong horizontal support of RM2.10. Unless the stock violate this level as well as the psychological RM2.00 mark, you may hold & wait for a rebound.

    ReplyDelete