Petra Perdana (stock code 7108)

Update 8th Jan 2010 :  Petra Perdana clarifies

Alert update 7th January 2010: Need to 'ignore' this counter for a while - let the dust settled.. Reason: Flash Petra Perdana gets notice for EGM to remove 4 directors. Read the news

I have small position on Petra - getting out today. It's 'funny' this counter gaining a lot today (intraday - morning session). A tussle within a company normally not exactly a bullish news. It need time to settle down. It will still gaining for a while anyway for the reason that to remove the directors the voters need to get more shares for voting power. I am not holding to it.

  


I have been looking into some of oil and gas stocks such as KNM, Waseong, Petrona Gas, Kencana, Sapcres and Kencana.   Chartwise, beside Kencana and Sapcres ,  I think Petra Perdana is the most interesting one.
I believe a new immediate bullish  Elliot Wave sequence  already emerged. See Petra weekly chart below: (click to enlarge)
petra-perdana-weekly-chart  
Since the counter already went and just rebounded in two days, I prefer the trend to be tested first. Let the current up-trend  end and wait for correction. It shoudn't go down below 1.20 (the final support is 1.12). If not, it fail. Need to wait correction for final buy set-up.  It can be very soon because the target/resistance for now is just 1.65 .
Below : Petra Perdana Daily chart (click to enlarge)
petra-perdana-chart
Since there some news and events this month on Petra, I think the test is a MUST. If passed then the reward over risk is very great
Other data on: Petra Perdana 
Recent news on: Petra Perdana

update: 5th Feb 2010
Petra Perdana’s management team has managed to remove Tengku Ibrahim Petra and his wife Datin Nariza Hajjar Hashim and two other independent directors from the board. Read : http://thestar.com.my/news/
Update 8th Jan 2010 :  Petra Perdana clarifies

Alert update 7th January 2010: Need to 'ignore' this counter for a while - let the dust settled.. Reason: Flash Petra Perdana gets notice for EGM to remove 4 directors. Read the news

I have small position on Petra - getting out today. It's 'funny' this counter gaining a lot today (intraday - morning session). A tussle within a company normally not exactly a bullish news. It need time to settle down. It will still gaining for a while anyway for the reason that to remove the directors the voters need to get more shares for voting power. I am not holding to it.

  


I have been looking into some of oil and gas stocks such as KNM, Waseong, Petrona Gas, Kencana, Sapcres and Kencana.   Chartwise, beside Kencana and Sapcres ,  I think Petra Perdana is the most interesting one.
I believe a new immediate bullish  Elliot Wave sequence  already emerged. See Petra weekly chart below: (click to enlarge)
petra-perdana-weekly-chart  
Since the counter already went and just rebounded in two days, I prefer the trend to be tested first. Let the current up-trend  end and wait for correction. It shoudn't go down below 1.20 (the final support is 1.12). If not, it fail. Need to wait correction for final buy set-up.  It can be very soon because the target/resistance for now is just 1.65 .
Below : Petra Perdana Daily chart (click to enlarge)
petra-perdana-chart
Since there some news and events this month on Petra, I think the test is a MUST. If passed then the reward over risk is very great
Other data on: Petra Perdana 
Recent news on: Petra Perdana

update: 5th Feb 2010
Petra Perdana’s management team has managed to remove Tengku Ibrahim Petra and his wife Datin Nariza Hajjar Hashim and two other independent directors from the board. Read : http://thestar.com.my/news/

1 comments:

nelly said...

petra's ceo decision to suspend the directors is a clear act of disrespect on shareholders rights.