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Tuesday, November 11, 2008

5703 Muhibah Engineering





Technical Comments By Zhuge Liang

Muhibah Engineering shares tumbled from a peak of RM4.22 on 11 Jan within a large bearish wedge chart pattern to eventually bottom out above a pivot low of 64.5sen on 20 Oct, prior to the recent rebound to high of RM1.19 on Wednesday (10 Nov). Buyers should come in and cushion downside above RM1.00 (IS), while upside potential towards RM1.50 (IT) is bright, with a decisive breakout to target RM1.80 (T1) and higher going forward.

Support Level IS RM1.00

Upside Target IT RM1.50

T1 RM1.50
T2 RM 1.80
T3 RM 2.00

Stop-Loss Below SL RM1.00

RECOMMENDATIONS TRADING BUY ON DIPS TARGET RM1.50 AND HIGHER

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