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8:58 AM
Joehari Matt
This is an update on Gamuda to my previous blog post at klse-stocks/gamuda (suggest to read that first for the continuity plus there a few notes there).
Since that day, Gamuda still on the downtrend down, last close at 2.61.
(click on the chart for full view)
This a quote from my previous post:
First, the 3 black crow (almost) candlestick formed is a bearish pattern, that made the price will be more on bearish mode and any rebound shall be weak. Also, technically, the minor support (RM 3.05) already breached, that made the downtrend probably will go to the next support, that around RM 2.50.
Now, it is within that RM2.50 support zone (Fibonacci 38% retracement from high of RM3.44) and should be tested in coming days. If that support broken, more massive downtrend in order. That to next support zone at RM2.10.
Anyway, I think there will be some support at the current zone although not that strong. The most bearish seller already out.
In short, I expect Gamuda will go into sideway mode in the coming days or even weeks.
For longer term outlook (based on my Elliot wave reading), Gamuda is on wave 2 waiting to end, bullish wave 3 coming after wave 2 ended. The target is beyond high of RM3.44. That still early to say because we haven't yet see the end of current wave (immediate wave 2).
Since it is now in the (technical ) decisive zone, should be interesting to watch.
Stock code: 5398
Check price : Gamuda Bhd
Recent news on Gamuda:
"Gamuda Bhd (GAM MK, Buy, TP: RM3.18 -ECM Libra) is not ruling out the possibility of cost increases caused by delays related to land acquisition for the electrified double-tracking project (EDTP), although the construction major is not planning any cost revision at the moment. The EDTP is valued at RM12.5bn and was awarded to MMC Gamuda Joint Venture Sdn Bhd, a joint venture between Gamuda and MMC Corp Bhd, by the government in December 2007. ‘With the extension of time, the new completion date has been pushed to 2014." 29th Dec 09
Gamuda shares hit by uncertain outlook
Gamuda proposes way to value water assets
This is an update on Gamuda to my previous blog post at klse-stocks/gamuda (suggest to read that first for the continuity plus there a few notes there).
Since that day, Gamuda still on the downtrend down, last close at 2.61.
(click on the chart for full view)
This a quote from my previous post:
First, the 3 black crow (almost) candlestick formed is a bearish pattern, that made the price will be more on bearish mode and any rebound shall be weak. Also, technically, the minor support (RM 3.05) already breached, that made the downtrend probably will go to the next support, that around RM 2.50.
Now, it is within that RM2.50 support zone (Fibonacci 38% retracement from high of RM3.44) and should be tested in coming days. If that support broken, more massive downtrend in order. That to next support zone at RM2.10.
Anyway, I think there will be some support at the current zone although not that strong. The most bearish seller already out.
In short, I expect Gamuda will go into sideway mode in the coming days or even weeks.
For longer term outlook (based on my Elliot wave reading), Gamuda is on wave 2 waiting to end, bullish wave 3 coming after wave 2 ended. The target is beyond high of RM3.44. That still early to say because we haven't yet see the end of current wave (immediate wave 2).
Since it is now in the (technical ) decisive zone, should be interesting to watch.
Stock code: 5398
Check price : Gamuda Bhd
Recent news on Gamuda:
"Gamuda Bhd (GAM MK, Buy, TP: RM3.18 -ECM Libra) is not ruling out the possibility of cost increases caused by delays related to land acquisition for the electrified double-tracking project (EDTP), although the construction major is not planning any cost revision at the moment. The EDTP is valued at RM12.5bn and was awarded to MMC Gamuda Joint Venture Sdn Bhd, a joint venture between Gamuda and MMC Corp Bhd, by the government in December 2007. ‘With the extension of time, the new completion date has been pushed to 2014." 29th Dec 09
Gamuda shares hit by uncertain outlook
Gamuda proposes way to value water assets
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