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Nam Cheong Likely To Resume Mid-Term Uptrend
Trend Spotting | 30 November 2012
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By: Robin Han
Articles (102) Profile

Nam Cheong has not move up over the past two weeks when the STI staged a rebound from 2,931 to 3,048.

Nonetheless, this stock is relatively strong. Though it pulled back a little to consolidate after recording a new one-year high, it held up quite well when the STI declined in early November. We can see that it is in a clear uptrend, and is currently sitting on the supporting trend line that usually serves as a support as well as a booster for rally.

On 12 November, the company announced its third quarter financial results with revenue and profit falling 43.6 percent and 32.6 percent respectively. Notably, there was no sell down and such unusual price reaction could indicate accumulation of stocks by the buyers.

This stock may start moving up soon. Though at a relatively slow pace, pattern indicates that it may stage a mid-term rally rather than a very short-term one.

Daily Chart of Nam Cheong

Robin Han is a Ph.D in Department of Chemical and Biomolecular Engineering and has got a solid foundation in the financial markets.

Please click here for more information about this author.

Nam Cheong  -- -- --   
Business: An offshore marine group specialising in the building of offshore support vessels. [FY18 Turnover] Shipbuilding (59.2%), vessel chartering (40.8%).

Insight: May-19, 1Q19 revenue jumped multiple times to RM29... Read More

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