Journey to Wealth
OSK - 5 June 2012 : Daily Trading Stock
IGB closed right at the 4-month support level yesterday and a close below this level today should see it heading lower. Thus, positions can be exited on close below RM2.70 and support lies at the Fibonacci retracement of the Oct-March rally at RM2.50 and RM2.35. However, a close back above RM2.80 indicates that support is holding and a sustained close above RM2.90 should see the stock trading higher.
Ideal Jacobs is likely to trade higher after closing the highest in 10 months yesterday. Purchases can be made above RM0.21 with a close below the May-high of RM0.19 as the stop loss. The price target is the prior important levels of RM0.28 and RM0.34. A close below RM0.19 may not bode well for the trade but expect strong support at the 9-month low of RM0.16
MMC Corp is likely to fall further after it closed the lowest in 5 months. Liquidation can be undertaken below RM2.60 and support is expected at the prior lows of RM2.40 RM2.60. The weak bias will be negated should the stock close back above the 1-month high of RM2.75. If so, look for the stock to trade higher with strong resistance at RM3.00.
Muhibbah is likely to trade lower after it failed to close back above the broken support of RM1.23. Positions can be liquidated below the 2-week low of RM1.17 and support is expected at the 23 Dec 2011-gap of RM1.08-RM1.12 and Dec 2011-low of RM1.00. A close back above RM1.23 will nullify the weak bias and this could lead to a rebound. Strong resistance lies at the April-high of RM1.40.
Ivory is expected to trade lower after closing at the lowest since its debut. In fact, the downside pressure should keep the price low as long as it stays below RM0.52. Thus, positions can be liquidated if the stock remains below RM0.52. Support is expected at the round figures of RM0.45 and RM0.40. However, a rebound is on the cards should RM0.52 be violated. Resistance lies at RM0.55 and RM0.575.
Hibiscus is likely to fall further after closing at the lowest levels since its April high. Thus, positions could be liquidated below RM1.45 or if possible, on rebound towards RM1.56. Support remains at RM1.25 and the psychological RM1.00. A close above RM1.56 may spark a rebound and resistance still lies at the prior high of RM1.84.
Source: OSK
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
