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Straits Times 3,187.66 -16.27 -0.51%
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Technical Outlook (Petra Energy, IJM Corporation, Muhibbah Engrg (M))
Malaysia Trendspotting | 24 July 2012
By: Collin Seow
Articles (95) Profile

Petra Energy
Petra Energy has been trading between a broad range between RM0.94 and RM2.00. Both the support and resistance have been tested more than twice. Currently, the price just broke above the resistance at RM1.70 and looks to be heading toward the next resistance at RM2.00. One may sell when the price reaches the resistance at RM2.00. In my view, RM2.00 is a major resistance as it has been established since 2009.

Weekly Chart on Petra Energy

IJM Corp
Since 2009, IJM Corporation (IJM Corp) has been trading upwards, it reached a top at RM6.50 in 2011. After 2011, the stock made a series of lower highs. The support is currently at RM4.80. If the support does not hold, it may drop to the next support at RM3.80. One may consider selling this stock if the support is broken at RM4.80. The moving averages are also starting to slope down since the beginning of 2012.

Weekly Chart on IJM Corporation

Muhibbah Engineering (M)
This stock has been moving sideways since 2009 and the stock recently broke its long term uptrend line. The next support for this stock is at RM0.85. Looking at the momentum of the last few candlesticks, we can see that the downward momentum is increasing. One may consider selling this stock if the price rallies back to the trend line.

Weekly Chart on Muhibbah Engineering (M)

Collin Seow is a Chartered Portfolio Manager, inventor of the CSI Trading System and no stranger to the investment scene.

Please click here for more information about this author.


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