Just bought wa again. Looks like buying opportunity will come very soon for mother share. Will queue at next support level. Purely my observation. May be any TA sifu here can share for learning purpose?
Thanks guys. Ya agreed it looks like a descending triangle forming for the wa and correction may continue. Still new in TA. Hopefully I am wrong. Cheers.
Having staged a stellar run-up in May, REDTONE entered into a much needed consolidation phase the following month. From a technical perspective, this represents a healthy pause in an overall uptrend. The technical picture remains largely intact, and we anticipate a resumption of the uptrend fairly soon. As such, we suggest that traders watch for a breakout above the channel resistance (A decisive close above 71 sen would give off a buy signal) which would signal a further move towards the RM1.00 “Flagpole” measurement objective.
Having staged a stellar run-up in May, REDTONE entered into a much needed consolidation phase the following month. From a technical perspective, this represents a healthy pause in an overall uptrend. The technical picture remains largely intact, and we anticipate a resumption of the uptrend fairly soon. As such, we suggest that traders watch for a breakout above the channel resistance (A decisive close above 71 sen would give off a buy signal) which would signal a further move towards the RM1.00 “Flagpole” measurement objective.
We are adding 40,000 REDTONE-WA @ RM0.405 each to our Thematic and Growth Portfolios. We believe REDTONE is on track to report its record-high profit in its upcoming 4QFY13 results by the end of July. Meanwhile, the recent partner with Johor’s Royal family on bidding the digital terrestrial television broadcast (“DTTB”) infrastructure contract may provide an immediate catalyst to the share price should the company win the bidding in the later stage. At present, our target price for REDTONE is RM0.75 (based on a targeted FY14 PER of 14.5x (+0.5 SD), implied a target price of RM0.50 to the group’s warrant. Note that, the group has a total warrant outstanding of 162.4m shares (based on Bloomberg estimate) with a strike price of RM0.25. The warrant is set to expire on 3/4/2015.
Accumulating. Collected more wa today. Looks like the mother share has more room for correction (only based on my limited TA skill). Will queue for mother share tomorrow at support level. Hopefully good news coming and trigger buy signal soon for the TA guys. Still a good company with very good prospect. Happy trading.
Exactly gimmy. Bro tcleng, the last thing I want to do is to cloud someone's judgement as everyone has different trading style and strategy. I expect it to go down just a little bit more but I can be wrong since TA depends on individual's interpretation. I wish that tomorrow can prove me wrong since I still keep more than half of the shares that I bought before election. Didn't mean to mislead or create any negative sentiment here my apologies.
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....
iafx
4,632 posts
Posted by iafx > 2013-07-01 16:56 | Report Abuse
your wish is granted, it closed at 70c :D