The market’s volumes further reduce in the morning session due to lack of participants. We have to be a bit caution to select the stock at this stage. I mentioned before try to avoid any penny stock less RM1.00 or RM0.50. The market further consolidates in the morning session because there is no fresh good news to lift the buying sentiment.
GENTING – Continue its uptrend direction and it just broke the resistance at 7.4o and closed at 7.41. It will face a strong resistance at 7.50 to 7.70. The volume is still considered low in the morning.
HIAPTEK – Confirmed uptrend after it broke out from 1.51. However it faces a stronger resistance at 1.58. It need more volume to overcome that, otherwise we will see a short-term consolidation.
KPJ went up to 5.92 this morning and facing some selling pressure to close at 5.75. The candlestick forms a long shadow in the mid-day and signals a short-term consolidation. We hope the price will recover in the afternoon session; otherwise we have to take profit first.
MEASAT as expected after a one day big up, it is under profit taking. However it is not a heavy selling, there are still many investors wanted to get in. The candlestick is out of the 20 days Bolinger band now, so I expect a further correction and consolidation before another uptrend.
SAPCRES – As I said last Fri the short-term trend is bearish if it stays below 2.25. This morning it retests 2.25 and successfully stays above it. The trend might reverse to uptrend if it able to break 2.33 resistance level. Buy beyond 2.33. The mid-term trend is still bullish.
EONCAP confirms in the uptrend but facing a stronger resistance above 6.26.
We are looking for 2 types of trend. I.E.; a continuation trend and a reversal trend.
HUMEIND and CHOOBEE – both stock break out short-term resistance with volume. Both stock are low liquidity (low volume) stock. You have to prepare for mid to long term holding if you decided to buy this type of stock.
FABER gap up with volume, watch for break out short and long-term resistance 1.53.
I saw some plantation counters are in the move, watch BSTEAD, IJMPLANT and IOICORP.
