DAILY TRADING STOCKS: IOICORP, LAFARGE, BURSA, AMEDIA, SCOMIMR, YTLE, SYF, WATTA

IOI Corp’s upward move may continue after holding on  to its gains well in the past 2 days. But this is only confirmed on a close above the  3-day high of RM5.25, and  purchases can be made then.  The stop loss is the 2-day low of RM5.12. The price target is  the strong resistance of RM5.50, a violation of which may see it go as high as RM6.00. The trade may not work out should it close below RM5.12 but expect strong support at RM4.90.

Lafarge may trade lower after the high volume selling last week. Liquidation can be made on close below RM6.95, which will see it go  below the 200-day MAV line, and support  is expected at  the prior lows of RM6.65 and RM6.20. However, a  continued close above RM7.10 may see the return of buying. Strong support is at RM7.40, a violation of which is required for the stock to climb higher.

Bursa may rebound if it can respond positively to last Friday’s “Long Black Day”. Purchases can be made on close above the 2-day high of RM6.10.  The price targets are RM6.35 and RM6.70. However, a failure to close above RM6.10 may see a return of selling. Support is located at last year’s low of RM5.75, followed by RM5.50.

Asia Media may resume its upward move if it can close above the 2-month resistance level of RM0.38. Purchases can be made if  this happens with a close below last week’s low of RM0.35 as the stop loss. Look for a retest of the all-time high of RM0.45, a violation of which could see it go higher. A failure to break RM0.38, followed by a close below RM0.35 may see the return of selling. Selling should intensify on a close below the RM0.30 support level.

Scomi Marine may scale higher after closing the highest in almost a year.  Positions may be initiated  above last Friday’s low of RM0.43 with a close below  the  recent low of RM0.40 as  the  stop loss. The price target is RM0.55 but resistance is also expected at RM0.52. The trade may not work out should the stock close below RM0.40 but expect strong support at RM0.35.

Selling pressure on YTLE is expected to continue as long as it stays below RM0.785. Liquidation can be  undertaken below  the broken support of RM0.745. Support  is expected  at  the  prior lows of RM0.69 and RM0.64. A close above RM0.785 may spark a rebound and expect strong resistance at RM0.85.

SYF may end its sideways consolidation after closing the highest in a month last Friday.  Purchases can be made on close above last Friday’s high of RM0.53 with a close below last week’s low of RM0.48 as  the  stop loss. An aggressive trade may enter above RM0.515.  The price targets are  the  previous highs of RM0.58 and RM0.66.  The upside bias is nullified should it close below RM0.48, with a close below RM0.46 as the confirmation. Look for the stock to trade lower instead.

Watta may trade higher after the firm move last Friday. Purchases can be made above the broken RM0.30 resistance level with a close below the 3-day low of RM0.265 as the stop loss. The price target is the recent high of RM0.39, a violation  of which  could see it  go  as high as RM0.50. The upward bias is likely  to be  nullified should it close below RM0.265, with a close below RM0.24  confirming the weakness. Strong support is at RM0.19 and RM0.15.

Source: OSK