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Wednesday, July 21, 2010

Charts Hint E&O May Rise To MYR1.12 - Maybank


STOCK CALL: Maybank IB Research rates Eastern & Oriental (3417.KU) at Short-Term Buy based on charts with upside targets at MYR1.05, then MYR1.12. Technical analyst Lee Cheng Hooi says stock of property developer could be rebounding after making a daily minor Wave 2 low of MYR0.91 earlier this month, with grossly oversold and bullish divergent signals. "We believe the stock is in a strong Wave 3 uptrend... with the positive crossovers from the CCI, DMI, MACD, Stochastic and Oscillator indicators, we feel that E&O may rise and test the resistance levels (of MYR1.04, then MYR1.21)," says Lee. Stock +1.5% at MYR1.01. On downside, support eyed at MYR0.995, then MYR0.91; stop-loss at MYR0.89.


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