MASTEEL (5098) - Masteel: Support found!

MASTEEL (5098) - Masteel: Support found!

Masteel, which tumbled badly after the delay in the release of its annual report, seems to have found support at the RM0.60 mark. Ahead of the upcoming weekend, Masteel is gaining ground. As at 3.50pm, it is up 4 sen at RM0.625.

Based on the trading activities today, I think the selling pressure has been exhausted and the buying is present. If you are stuck in this stock, it is time to breath easy. For those looking to get into the stock, go slow - make that very slow! - and aim low. Try around RM0.60.


Chart 2: Masteel's 60-min chart as at May 8, 2015_3.30pm (Source: ShareInvestor.com)

Note: 
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, Masteel.