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NewsEye on stock; Malaysian Bulk Carriers BY K.M.LEE
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Eye on stock; Malaysian Bulk Carriers BY K.M.LEE
by Cals Mon 20 Jun 2016, 02:08
Saturday, 18 June 2016
BY K.M.LEE
MALAYSIAN Bulk Carriers Bhd (Maybulk, code: 5077) rebounded from an all-time low of 51 sen on March 1 to set a new high for this year at RM1 on April 7 in the wake of renewed bargain-hunting interest before slipping back into correction mode owing to apparent profit-taking activity.
This stock was traded at 81.5 sen, up two sen, yesterday.
Based on the daily chart, Maybulk shares remained in consolidation mode, but they have fairly good potential to come out of the present condition, with trading volumes expanding positively the past couple of days, indicating investors may be making a return to this counter.
A clear breakout of the two-year-old bearish descending line, resting on the 87-sen level will signal a bullish turnaround. If that happens, prices are expected to firm towards the 93-93.5 sen band in the immediate term.
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The next objective would be to challenge this year’s peak of RM1 mark, of which another decisive breakthrough would further confirm that Maybulk is indeed on the mending path going forward.
Elsewhere, the oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum index were on the rise after triggering a short-term buy near the mid-range in mid-week.
The past week saw the 14-day relative strength index rising from a reading of 43 on Tuesday to close at the 60 points level yesterday.
In addition, the daily moving average convergence/divergence histogram advanced steadily towards the zero threshold, in tandem with the daily signal line to keep the bullish note. It had issued a buy call on June 7.
Technically, indicators are painting a pretty encouraging pictogram, suggesting a positive breakout may be on the cards.
The immediate support is anticipated at the 100-day simple moving average of 73 sen.
An additional floor is pegged at the most recent lows of 67.5 sen. - K.M. Lee
The comments above do not represent a recommendation to buy or sell.
Eye on stock; Malaysian Bulk Carriers
BY K.M.LEE
MALAYSIAN Bulk Carriers Bhd (Maybulk, code: 5077) rebounded from an all-time low of 51 sen on March 1 to set a new high for this year at RM1 on April 7 in the wake of renewed bargain-hunting interest before slipping back into correction mode owing to apparent profit-taking activity.
This stock was traded at 81.5 sen, up two sen, yesterday.
Based on the daily chart, Maybulk shares remained in consolidation mode, but they have fairly good potential to come out of the present condition, with trading volumes expanding positively the past couple of days, indicating investors may be making a return to this counter.
A clear breakout of the two-year-old bearish descending line, resting on the 87-sen level will signal a bullish turnaround. If that happens, prices are expected to firm towards the 93-93.5 sen band in the immediate term.
[You must be registered and logged in to see this image.]
Click on image to view bigger images.
The next objective would be to challenge this year’s peak of RM1 mark, of which another decisive breakthrough would further confirm that Maybulk is indeed on the mending path going forward.
Elsewhere, the oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum index were on the rise after triggering a short-term buy near the mid-range in mid-week.
The past week saw the 14-day relative strength index rising from a reading of 43 on Tuesday to close at the 60 points level yesterday.
In addition, the daily moving average convergence/divergence histogram advanced steadily towards the zero threshold, in tandem with the daily signal line to keep the bullish note. It had issued a buy call on June 7.
Technically, indicators are painting a pretty encouraging pictogram, suggesting a positive breakout may be on the cards.
The immediate support is anticipated at the 100-day simple moving average of 73 sen.
An additional floor is pegged at the most recent lows of 67.5 sen. - K.M. Lee
The comments above do not represent a recommendation to buy or sell.
Cals- Administrator
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Join date : 2011-09-08
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Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€
d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
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