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9:38 AM
Joehari Matt
Sector: properties
Technical outlook :
1. correction of earlier uptrend (since Jan 09 - wave 1 to 5) to 61.8% Fibonacci ratio make it strong likely that a new major uptrend is in development.
2. Bullish inverted head&shoulder pattern finalized.
3. Last 3 trading day price action was not that strong and the volume is not that encouraging. Anyway this should create good entry point.
4. Minor resistance at 1.25. Target near 1.60 or could be well over it (wave counting).
5. Important to watch for 0.95-1.10 as the vital support/pivot zone. The final 'forget it' signal is 0.86.
Below: E&O daily chart click to enlarge
Other Info on E&O at starbiz http://biz.thestar.com.my/E&O
Recent news:
22/12/09 : E&O to dispose of KL freehold land for RM103m http://www.theedgemalaysia.com/component/content/article/156114.html
5/10/09 Promising prospects for Penang property sector http://www.theedgemalaysia.com/component/content/article/153080.html
7/10/09 : CIMB reiterates trading buy call on E&O http://www.theedgemalaysia.com/component/content/article/150780.html
Sector: properties
Technical outlook :
1. correction of earlier uptrend (since Jan 09 - wave 1 to 5) to 61.8% Fibonacci ratio make it strong likely that a new major uptrend is in development.
2. Bullish inverted head&shoulder pattern finalized.
3. Last 3 trading day price action was not that strong and the volume is not that encouraging. Anyway this should create good entry point.
4. Minor resistance at 1.25. Target near 1.60 or could be well over it (wave counting).
5. Important to watch for 0.95-1.10 as the vital support/pivot zone. The final 'forget it' signal is 0.86.
Below: E&O daily chart click to enlarge
Other Info on E&O at starbiz http://biz.thestar.com.my/E&O
Recent news:
22/12/09 : E&O to dispose of KL freehold land for RM103m http://www.theedgemalaysia.com/component/content/article/156114.html
5/10/09 Promising prospects for Penang property sector http://www.theedgemalaysia.com/component/content/article/153080.html
7/10/09 : CIMB reiterates trading buy call on E&O http://www.theedgemalaysia.com/component/content/article/150780.html
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