Since the sharp drop in share price from the peak of RM1.01 on 23 Jun 2014 to low of RM0.555 on 15 Dec 2014, the stock is now grossly oversold, indicating a possible resumption of uptrend as “Pos itive Divergence” pattern formed on daily chart points to potential reversal. Moreover, “Hammer” candles tick pattern on weekly chart is a sign of reversal of downtrend. Noticeably, weekly oscillators (RSI, MACD and Slow Stochastics) show that share price is bottoming up amid strong buying strength. Further upsides are targeted at RM0.70 (100-d SMA & weekly 50% FR) and RM0.725, with a long-term objective of RM0.78 (200-d SMA & weekly 38.2% FR). Supports are located at RM0.655 and RM0.645. Cut loss below RM0.63 (weekly 61.8% FR).
Source: Hong Leong Investment Bank Research - 5 Feb 2015
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Taka
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Posted by Taka > 2015-01-27 14:57 | Report Abuse
Lai lai, lai lor