Maxis should continue on its uptrend should it break above
the 1½ -month resistance level.
Positions can be initiated on
close above RM6.15 with a stop loss on close below the psychological RM6.00. The price target is
RM6.65 and a strong move could see the
stock testing RM7.00. A failure to break
RM6.15 may embolden sellers with a close below RM6.00 as the
confirmation. Expect strong support at RM5.80.
Look for IJM’s downward move to continue as long as the stock stays below RM5.40. Liquidation can
be undertaken below this level. A conservative trade may wait until the
RM5.27 support is violated before exiting. The price target is th Oct
2011 gaps of RM5.05 and RM4.75. A failure to break below RM5.27 may indicate a
return of buying, which could be
reinforced by a close above RM5.60. Resistance remains at RM6.00.
The stock may stage a
rebound after holding above the RM1.00 support level yesterday. Purchases can
be made on close above yesterday’s high of RM1.04. The price target is RM1.35, provided that the
recent high of RM1.15 and RM1.20 are violated. However, expect selling pressure
to intensify should the stop loss be triggered. Support is expected at the
Fibonacci retracements of
the Oct-Feb rally at RM0.93 and
RM0.84.
Wing Tai may trade higher if it breaks above the 7-month
resistance level of RM1.71. Positions can be initiated if this happens and a close below the 2-day low
of RM1.65 can be employed as a stop. A strong move could see the stock at RM2.30, provided that the resistance levels of RM1.90 and RM2.00
are violated. The upward bias will be nullified should the stop loss be
triggered and look for it to trade sideways.
MBL may trade higher after holding above the RM0.90 support
level yesterday. Purchases can be made on a close above yesterday’s high of
RM0.95 with a close below RM0.90 as
the stop loss. The price target is RM1.20, provided that the
psychological RM1.00 is violated. The upward bias will be nullified should the
stop loss be triggered. Expect strong
support at RM0.80.
Yinson may continue on its uptrend after holding above the
broken resistance of RM1.80 yesterday. Purchases can be made on a close above
yesterday’s high with a stop loss on close below RM1.70. The price target is
RM2.50, provided that the psychological RM2.00 is violated convincingly. A
correction is likely to set in if the stop loss is triggered. Support lies at
RM1.50 and RM1.40.
Mudajaya may stage a rebound if it can hold above the
RM2.50 support level. Purchases can be made on close above yesterday’s “Hammer”
high of RM2.66 with a close below RM2.50 as
the stop loss. The price target is the
recent high of RM2.80, followed by RM3.06. However, look for the selling
that started in March to continue should the stop loss be triggered.
JCY can expect to see
a rebound after the strong move yesterday. Positions can be initiated on close
above Monday’s “Long Black Day” high of RM1.47 with a close below yesterday’s
low of RM1.37 as the stop loss. The price target is RM1.75,
provided that the recent high of RM1.60
is violated. The upward bias is erased should the stock close below RM1.37,
and this
may lead to further declines. Support is at RM1.25 and RM1.07.
Source: OSK
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