Technical | Fundamental Analysis Discussion Stocks Listed In Bursa

Tuesday, October 12, 2010

Charts Hint Handal May Rise To MYR1.38 - Maybank

Charts Hint Handal May Rise To MYR1.38 - Maybank

0437 GMT [Dow Jones] STOCK CALL: Maybank IB Research rates Handal (7253.KU) at Short-Term Buy based on charts with upside targets at MYR1.22, then MYR1.38. Technical analyst Lee Cheng Hooi says stock of crane maker for offshore oil industry made daily Wave 2 low of MYR0.62 in July with grossly oversold chart signals, but price bars since rising above 18-, 40-day moving averages. "Positive crossovers from the CCI, DMI, Oscillator, Stochastic and MACD indicators support our view that Handal's share price will trend higher in the near term," says Lee. Stock last +0.9% at MYR1.17, next resistance at MYR1.25, then MYR1.44. On downside, support eyed at MYR1.16, then MYR0.99; stop-loss at MYR0.97

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