Bursa Malaysia Journal II

As we read the commentary in the business sections of the mainstream media last couple of days, most of them talked about correction looming. Yet today the KLCI chalked up another double digit increase to close at 953 points, yet another milestone since October 2008.

I read analysis by brokerage houses not to look for their recommendations but looking for reason not to buy. That's my personal view. Looking to take some profit now if target price is reached for both MMCCORP and MRCB:

Next resistance for MMCCORP seem to be RM1.75 - RM1.80, targeting to dump if this ceiling is reach in few days time, otherwise let correction take place and hold.

Say, the sentiment is correct and MRCB benefits from the stimulus package MRCB should be going all the way to a target price of RM1.15. Right now the stock is trending up - for the last 11 days, and it should to be noted that this is already way past the 20d, 50d and 200d MA. So, if it touches RM1.15 would definitely dump some.

Acquisition target is if SCOMI corrects to RM0.365 (currently RM0.41) but otherwise put a ±0.025 blanket on the price, follow through the movement tomorrow and accumulate this one. RHB Research said that the odds of a pullback to neutralize recent gains have increased - let's see if that materialises. Interesting to watch if the hangman candle formed yesterday would see a reversal later this week.

Note: technical analysts say next resistance is at 980.