Ancom’s daily
chart
Ancom’s share
price may rise further
if it can close above the short-term resistance level. This stock is on
a longer-term uptrend as it printed a 2-year high in Nov last year. The sharp
2-month rally saw the stock peaking just below RM0.20, which was followed by a 4-month
consolidation. Nonethess, its upward bias is intact as the consolidation low of
RM0.135 is a retracement of about 62% of the Oct-Nov 2011 rally, which is considered healthy for an upward continuation. The consolidation phase may have
come to an end yesterday after a
trade on high volume saw the stock closing right at the 4-month
resistance level. A close above this level today should confirm the breakout
and a position can be considered if this happens. A breakout will prove that
the high volume yesterday was attributed
to buying activities. The stop loss is the consolidationphase low
of RM0.135, while the first target is the 2-year high of RM0.20 and a measured
move based on the Oct-Nov rally could see the price touch RM0.23. The upward bias will be nullified should the
stop loss be triggered , after which look for the stock to trade sideways. Strong support should come in
at the psychological RM0.10, which is the low of
2011.
TMS’ daily chart
TMS’ share price may trade higher if it can close above the psychological resistance level. The stock was
featured early last month on the possibility of it reaching a climax. It
fell in due course and violated all support levels along the way, and is now
back to where it was before the spike-up. Thus, the possibility of it continuing on an uptrend is rather
miniscule. However, the chances of a rebound cannot be ruled out as the recent
high volume shows such intent. But this still requires a onfirmation by way of
a close above the psychological RM0.10. A purchase can be made if this happens, with a stop loss on a
close below the March low of RM0.085. Given the heavy
downside bias, a rebound is likely to be shallow, with the first target being a
Fibonacci level of the February decline at RM0.18. A strong move could see the
stock hit RM0.235, the covered gap of 20 Jan that is also a Fibonacci level of
the same decline. Do watch out for a false breakout above the RM0.10 resistance, with a close below RM0.085 as the
confirmation. The stock is likely to trade sideways if this happens.
Source: OSK188
No comments:
Post a Comment