OSK188 - 16 May 2012: DAILY TRADING STOCKS

kiasutrader

Publish date: Wed, 16 May 2012, 09:43 AM

Maxis should continue on its uptrend should it break above the 1'' -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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