Disclaimer

Disclaimer :We shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this report is based on data obtained from sources believed to be reliable and opinions formed are from belief of the individual author. The Publication should not form basis to be relied upon in decision making. Any future outlook,forecasts or any future interpretation are in no event guaranteed and are merely opinions and views of the author.

Wednesday, 30 October 2013

THHEAVY (7206)



TABUNG HAJI HEAVY ENGINEERING                                                                     HAFIZ RUSLI
Share analysis
Based on the daily chart, the price traded in sideways pattern. Formation of symmetrical triangle can be noticed in the last 3 months. Volume diminish towards 


 apex support the existence of the triangle. Contraction in Bollinger band specify volatility has decreased and upside movement is imminent. Failure to stay above Rm0.83 will lead to further correction.

Trading strategy
Since the price still trade in a range, buy on breakout is advisable to day trader. New position can be initiate upon breakout of the triangle. Supported by robust fundamental and huge budget on the oil and gas sector. Swing trader may accumulate the stock now as the price still unattractive.

Price projection
Short term             -  Upside target Rm0.965 (Previous high)
             -  Stop loss Rm0.83 (Solid level of resistance turn support, tested several times)

Medium term            -  Upside target Rm1.00 (Psychological level of resistance)
            -  Stop loss Rm 0.78 ( Significant level of support in weekly chart) 

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