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Thursday, July 15, 2010

Charts Tip Scomi Marine May Rise To MYR0.60 -MIBB



STOCK CALL: Maybank IB Research rates Scomi Marine (7045.KU) at Short-Term Buy based on charts with upside targets at MYR0.54, then MYR0.60. Technical analyst Lee Cheng Hooi says shares of marine vessel firm that earlier this week announced sale of key units made daily minor Wave 2 low of MYR0.40 this month with grossly oversold signals, but has since rebounded strongly. "The recent steady price action above the 19- and 50-day moving averages and a firm golden cross buy signal indicate firm upside bias movement," says Lee. Adds, positive crossovers from daily signals also indicate upside potential, with resistance at MYR0.56, then MYR0.70. Stock down 2.9% at MYR0.505, having breached immediate support at MYR0.52. Next support eyed at MYR0.40; stop-loss at MYR0.38


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