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NewsMahsing- dropping despite a very successful launch
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Mahsing- dropping despite a very successful launch
by hlk Tue 19 Jul 2011, 22:44
Mahsing was reported to have raked in a sale of RM427 million from the launch of its latest property development, The Icon (here). CIMB reiterated its BUY call on the stock, with a target price of RM3.30. Despite this bullish news, the stock which broke to the downside of its triangle formation, continued to fall (see Chart 1). As at the end of the morning session, Mahsing dropped to its intermediate uptrend line support at RM2.15.
From the weekly chart below, we can see that Mahsing's support levels are at the intermediate uptrend line (s1-s1) at RM2.15, the horizontal support at RM1.95-2.00 & the long-term uptrend line (SS) at RM1.50.
espite the very bearish market sentiment presently, I believe the fall in Mahsing share price is overdone. As such, the stock may enjoy a technical rebound shortly. Mahsing could trade between RM2.15 & RM2.50 for the next few weeks before we can determine the next price direction.
Author: Alex Lu
From the weekly chart below, we can see that Mahsing's support levels are at the intermediate uptrend line (s1-s1) at RM2.15, the horizontal support at RM1.95-2.00 & the long-term uptrend line (SS) at RM1.50.
espite the very bearish market sentiment presently, I believe the fall in Mahsing share price is overdone. As such, the stock may enjoy a technical rebound shortly. Mahsing could trade between RM2.15 & RM2.50 for the next few weeks before we can determine the next price direction.
Author: Alex Lu
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