Thursday 10 May 2012

DAILY TRADING STOCKS: BERNAS, HARVEST, MHB, KOSSAN, TIMECOM, PERMAJU, COASTAL, AGLOBAL


Bernas may trade higher if it can break above the 7-month high of RM3.30. Purchases can be made if  this happens or otherwise, on pullback towards the stop loss of RM3.15.  The price target is RM3.90, provided that  the  recent high of RM3.60 is broken convincingly. The trade may not work should the stop loss  be triggered but expect strong support at RM3.00.

Harvest may trade higher if it closes above Monday’s high of RM0.72. Purchases can be made if this happens with a stop loss on close below yesterday’s low of RM0.67. The price target is RM1.10, provided that the strong resistance of RM0.80 is violated. A failure to close above RM0.72 will likely see the return of selling and look for the downtrend to continue. Support is at RM0.50.

MHB may trade lower if the psychological RM5.00 level fails to hold. Thus, liquidation can be made on a close below RM5.00. Support is expected at RM4.50 and RM4.20. In  the event of a false breakout, buying is only confirmed on  a  close  back  above RM5.50.  If so, the stock should trade higher and resistance is at RM6.35.

Kossan is facing selling pressure as long as it closes below RM3.20. Positions can be exited below this level and strong support is expected at RM3.00, followed by RM2.80. The negative bias will be nullified should the stock close above  the  2-week high of RM3.25. The stock should trade higher, and resistance is at RM3.45 and the recent high of RM3.65.

Time dotCom Berhad - The stock may trade lower after breaking the 5-month support level again yesterday. Liquidation can be made on another close below RM0.68. Support  is expected at  the  Fibonacci retracement of OctFeb rally of RM0.60 and RM0.55.  A close back above RM0.72  will likely nullify the negative bias and indicate a return in buying.

Permaju may have peaked in the short term after failing to violate the psychological RM1.00 yesterday. Thus, liquidation can be made on a close below the 2-day low of RM0.75. An aggrasive trade may exit on  a  rebound below RM1.00. Support  is expected at  the Fibonacci retracement of  the 5-day rally at RM0.63 and RM0.55. A close above RM1.00 will nullify the negative bias and  should see it trading higher.

Coastal may trade higher if it can close above last Friday’s “Long White Day” high of RM2.15. Purchases can be made if this happens with a stop loss on close below the 3-day low of RM2.04. The price target is RM2.40, followed by  the recent high of RM2.75. However, the correction since the February high will continue should the stop loss be triggered. Support should come at the recent low of RM1.94, with a stronger one at RM1.80.

Ariantec may trade lower after failing to close above  the  RM0.25 resistance level convincingly despite testing it multiple times in the past 3 weeks. Weakness is confirmed on a close below yesterday’s low of RM0.235 and liquidation can be made if  this happens. Support  lies at  the Fibonacci retracement of  the  April rise, at RM0.19 and RM0.17. The negative bias is erased should the stock close above last week’s high of RM0.26 and then, look for it to test the psychological RM0.30.

Source: OSK188

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