Highlights / Stock Picks of the Day - Alam Maritim Resources Berhad ("Alam")

Following the last technical report on Alam dated 16th Oct 2012, its share price has since surged 23.0% to a recent high of 75 sen before levelling off at the 71/72 sen levels. We believe that with the formation of the
bearish "Shooting Star" candlestick last week, the share price may be ripe for a short term correction. The indicators have turned downwards from overbought territory and trading volume appears to  have evaporated. Traders may consider locking in prior gains in the  short term with the intention of buying back lower. Likely support levels are located at 65 sen and 58 sen while the overhead resistance levels are located at 75 sen and 81 sen.

Source: Kenanga