May 30, 2013

Trading Buy – JAKS Resources

Current Stock Review
Jaks Resources Bhd (Stock Code 4723)   Construction  Price:  RM0.47.

jaks technical analysisabove: Jaks Resources Daily Chart (click to enlarge)

After trading within a rangebound trend between RM0.41 and RM0.445 levels for the past month Jaks candle jumped up yesterday to break out of not only the RM0.45, but the uptrend channel as well. Its faster indicators are above their respective upper limit lines and still strengthening, with the MACD crossing the trigger line on the upside.

The outlook has turned bullish but after yesterday’s surge, there could be quick profit taking. Still, if the candle stays above the RM0.455, there are trading buy opportunities, otherwise we are neutral on the stock.

by Mercury Securities