Friday 11 May 2012

DAILY TRADING STOCKS: PETGAS, YHS, MAS, AIRASIA, PERISAI, CYBERT, KHSB, SCOPE


PetGas is likely to trade higher after breaking above the  3-month resistance of RM17.00. Purchases can be made above RM17.00 with a stop loss on close below  the 3-month low of RM16.00. The price target is RM20.50 with resistance also expected at RM18.00. The trade will not work out if the stop loss is triggered and expect strong support at RM15.00.

Look for YHS to trade higher after closing above the psychological RM3.00 for 2 days in a row. Positions can be initiated above this level with a stop loss on close below  the recent low of RM2.84. An aggressive trade may exit below RM3.00. The price target is RM3.50 and  the  psychological RM4.00.  A  correction may set in should the stop loss  be triggered but expect strong support at the gap of RM2.65.

MAS’ downtrend is expected to continue as long as it stays below the broken support of RM1.28. Thus, positions can be liquidated below the level. Strong support is, nonetheless, expected at RM1.00 and a successful violation of this level should see the stock go lower. Strong resistance is at RM1.28 and a rebound will only commence on a successful violation of this level.

AirAsia - Weakness seen early  this week was not confirmed and as a result, buying resumed. The stock has also broken the 9-month downtrend. As identified previously, purchases can be made above RM3.60 with a close below RM3.50 as  the  stop loss.  The price target is  the  psychological RM4.00, followed by all-time high of RM4.20. However, expect heavy selling should the stop loss  be triggered. Support lies at RM3.20 and RM3.00.

Perisai may trade higher after closing above RM0.90 for 2 days in a row. Positions can be initiated above RM0.90 with a close below the month-low of RM0.86 as  the  stop loss. The price target is RM1.30, provided that the psychological RM1.00 is violated. Selling likely takes over if the stop loss is triggered and strong support is expected at RM0.80.

Cybertowers should continue to trade higher as long as it stays above RM1.20. Thus, positions can be initiated above this level with a close below the 6-day low of RM1.15 as the stop loss. Given that it is at an all-time-high, the price target is the round figure of RM1.50. A correction may ensue should the stop loss  be triggered and expect support at  the  psychological RM1.00 and March-high of RM0.8.

Source: OSK188

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