Apr 10, 2012

Tanjung Offshore - Trading Buy On Weakness (Technical)

Tanjung Offshore Group (stock code 7228) Trading/Services –  RM0.975.
Chart wise:
A breakout!  In  line  with  the  breakout,  all  its  technical  indicators  have  hooked  up,  while  trading volume surged strongly on Monday. Tanjung Offshore is active in securing offshore support vessel (OSV) operation contracts have  already  been  acquired  by  Equinas  recently.  The  above
developments may have contributed to the share price surge.

Tanjung Offshore Daily chart:tanjung offshore 
Due  to  the  steep  rise, a  correction may  be around  the  corner and a  strong  resistance awaits at RM1.04,  limiting  upside  from  this  point.  Hence,  trader  should  only  trade  if  there  is  a  controlled correction, with its prices staying above and rebounding from RM0.83, its support.

by Mercury Securities

Tanjung Offshore Berhad is principally an investment holding company.