Weekly Trading Idea: MITRA – MYR0.88 (Stock Code: 9571)
MITRA made a major weekly Wave 2 low of MYR0.43 (Aug 2013) with grossly oversold and bullish signals. Most of its positive signals above suggest a strong weekly Wave 3 and 5 uptrend. It is likely to break into higher territory, as it breached its key resistance areas in a very clear upward weekly Wave 3 and 5 move.
SHORT-TERM BUY (TECHNICAL) on dips for MITRA with firmer support and clear upward target areas of MYR0.925,MYR1.17 and MYR1.32. Stop-loss is at MYR0.72.
Mitrajaya Holdings Berhad (MITRA) is an investment holding company. Through its subsidiaries, the companyconstructs buildings and roads, provides civil engineering services, supplies construction materials, and manufactures and sells ready-mix concrete. It also invests, manages and leases plant and machinery.
by Maybank IB