Trading Stocks - 29 January 2015 - Mitrajaya | GHL | Mieco | CMS | Mudajaya | Mah Sing
29 Jan 2015, 09:25 AM
Mitrajaya made a new multi-year high after surpassing the MYR1.16 mark in its latest session. Traders may buy as further bullish bias could be present above this level, with a target price of MY1.22, followed by MYR1.31. The stock may take a breather if it falls back below the MYR1.16 level. In this scenario, further support is anticipated at MYR1.05, where traders can exit upon a breach.
GHL may trend higher after breaching the MYR0.805 level in its latest session. Traders may buy as a bullish bias could be present above this level, with a target price of MYR0.885, followed by MYR0.92. The stock may consolidate further if it cannot sustain above the MYR0.805 level. In this case, further support is expected at MYR0.76, where traders can exit upon a breach.
Mieco may climb further after breaching the MYR0.515 level in its latest session. Traders may buy as a bullish bias could be present above this level, with a target price of MYR0.60. The stock may turnsideways if it cannot sustain above the MYR0.515 level. In this scenario, further support is anticipated at MYR0.47, where traders can exit upon a breach.
CMS may trend higher after recently climbing back above the 50-day MAV line and MYR4.17 level. Traders may buy as a bullish bias could be present above this level, with a target price of MYR4.70. The stock may consolidate further if it cannot sustain above the MYR4.17 mark. In this scenario, further support is anticipated at MYR3.85, where traders can exit upon a breach.
Mudajaya may experience a further technical rebound after gaining above the 50-day MAV line and MYR1.65 mark. Traders may buy as a bullish bias could be present above this level, with a target price of MYR1.93. The stock may pull back and drift sideways if it cannot sustain above the MYR1.65 level, while further support is anticipated at MYR1.52, where a breach on closing could trigger a stop-loss. Note that the longer term trend is still bearish.
Mah Sing was testing the MYR1.97 support level in the latest session. Traders ay expect further weakness if this level is breached in the near term, with the next supports anticipated at MY1.87, followed by MR1.79. In the meantime, the stock may trend sideways, while the b earish bias may be eliminated if itsurpasses the MYR2.16 level again.
Source: RHB
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