Jan 29, 2013

Trading buy on breakout - MBFHLDG

MBF Holdings Bhd (stock code 1236) Finance – RM1.26

below: MBFHLDG daily chart (click to enlarge)

Chart wise:

MBf’s candle is retesting it’s 12-month high of RM1.29 after clearing its rangebound trend two days ago. Its core indicators are also inching up as a result with the MACD tipping up once again. With its technical indicators showing renewed strength, the RM1.29 level may be breached and if so, the stock is a trading buy on the breakout.

Failure to clear the line, however, leavesa neutral recommendation. Above RM1.29, the other resistance is at RM1.35. The support, meanwhile is at RM1.15.

by Mercury Securities