MISC: Uptrend Under Threat

MISC dropped RM00.41 to close at RM7.89 yesterday. That pushed the share price just below the "uptrend line" at about RM8.00. See Chart 1 below.


Chart 1: MISC's weekly chart as at Jun 18, 2015 (Source: ShareInvestor.com)

From the monthly chart (Chart 2), we can see that MISC has been rising with the 10-month SMA line acting as its uptrend line. The RM8.00 support is very critical for the continued uptrend of this stock.


Chart 2: MISC's monthly chart as at Jun 18, 2015 (Source: ShareInvestor.com)

MISC is at an inflection point. It must recover back above the RM8.00 mark. As at 11.15am this morning, it is trading at RM8.03-8.04. Hopefully, MISC will stage a decent rebound from here. For the brave heart, you might consider a trading BUY with a stop loss just below RM8.00. My longer term rating remains unchanged: SELL INTO STRENGTH.

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, MISC.