Oct 19, 2011

Buy Gamuda?

Gamuda Bhd (stock code 5398) – Construction – RM3.19
Gamuda’s candles have largely been on the downtrend for the past few months and recently appeared to have bottomed out. It rebounded from a base at RM2.63 and is currently recovering. Its daily RSI is surging ahead accompanied  by bullish MACD and stochastic. It had also broken through its RM3.00 resistance, which currently acts as its immediate support level. 

The next price objective as well as resistance is at RM3.21. Its short-term moving averages are rising again after being flattish for a while. As Gamuda had broken out of the down trending channel, we are taking a buy position on the stock. buy-gamuda above: Gamuda Technical Daily Chart: click to enlarge

by Mercury Research