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1:06 PM
Joehari Matt
Malaysian Resources Corp. Bhd : MRCB : stock code 1651
Another counter in my watch list. One the counters that I will consider for buy if it seem the whole market is on bullish side. Also in construction sector - should follow construction sector 'in' trend.
Technically, many of the bear already out by reflects by the correction (end of June) and zig-zag period. 2 higher low created a bullish up trend. Anyway, no obvious new bulls coming in a large way. Also, volume is not comparatively high but the counter should be among the actively trade in coming days.
Strong resistance is at RM1.51, any strong breakout from level is a sign it will run far. If 1.51 is the target (resistance) for short-term, it is not much of a potential for short-term trade but for few weeks holding, the potential is great (over 1.75 -1.95). Minor support is around 1.30 : if collapsed should be taken as early bearish signal. 1.05 is the main support for now.
As at time of writing, it is at 1.37.
For me, I am not consider it as a buy now because of believe so any bullish overall market trend will be short-lived. The short-term potential is not that attractive.
Will be in my watch list for buying opportunity after the whole market is more 'clear'.
Price at around the support zone is RM1.05 is very attractive.
MRCB research info at businessweek.com
MRCB Daily chart: (click for enlarged view):
Malaysian Resources Corp. Bhd : MRCB : stock code 1651
Another counter in my watch list. One the counters that I will consider for buy if it seem the whole market is on bullish side. Also in construction sector - should follow construction sector 'in' trend.
Technically, many of the bear already out by reflects by the correction (end of June) and zig-zag period. 2 higher low created a bullish up trend. Anyway, no obvious new bulls coming in a large way. Also, volume is not comparatively high but the counter should be among the actively trade in coming days.
Strong resistance is at RM1.51, any strong breakout from level is a sign it will run far. If 1.51 is the target (resistance) for short-term, it is not much of a potential for short-term trade but for few weeks holding, the potential is great (over 1.75 -1.95). Minor support is around 1.30 : if collapsed should be taken as early bearish signal. 1.05 is the main support for now.
As at time of writing, it is at 1.37.
For me, I am not consider it as a buy now because of believe so any bullish overall market trend will be short-lived. The short-term potential is not that attractive.
Will be in my watch list for buying opportunity after the whole market is more 'clear'.
Price at around the support zone is RM1.05 is very attractive.
MRCB research info at businessweek.com
MRCB Daily chart: (click for enlarged view):
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