Supermx: Joining the Party

Supermx is a laggard in the world of rubber glove. Yesterday it broke above the resistance line, AB joining the previous peaks since March last year. With this breakout, Supermx is finally joining the rubber glove rally. Its next resistance is the horizontal lines of RM2.40-2.50.


Chart 1; Supermx's weekly chart as at July 30, 2015 (Powered by ShareInvestor.com)

If you look at the monthly chart, we can see that the stock is in a long-term uptrend line (revised from previous post). Resistance is at RM3.00.


Chart 2; Supermx's monthly chart as at July 30, 2015 (Powered by ShareInvestor.com)

Based on technical consideration, Supermx could be a good trading BUY. Its next financial result (QE30/6/2015) should be announced soon. A good set of numbers could sustain the developing rally.

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, Supermx.