Mar 8, 2016

MMC Recovering?

MMCCORP Stock Code : 2194

mmc chart analysis

Yesterday, MMCCORP rose 6.0 sen (3.5%) to RM1.76 on trading volume, which hit a six-month high. Previously in Nov-2015, MMCCORP commenced a downtrend which saw its share price retreating by as much as 30% from a high of RM2.31 to last week’s low of RM1.61. Nevertheless, the MACD has ceased to make new lows over the past few months, and this reflects that selling pressure has depleted over this period. Furthermore, yesterday’s bullish move has caused the share price to break above its downwardsloping trend line to paint a more positive technical outlook. Should MMCCORP break above the RM1.78 (R1) (23.6% Fibonacci Resistance/ 50-day SMA) resistance, the next resistance level to look forward to is RM1.89 (R2). Immediate supports are located at RM1.69 (S1) and RM1.61 (S2).

Source: Kenanga Research - 08/03/2016

The principal activities of the Group consist of investment holding construction supply and distribution of natural and liquefied gas manufacturing civil and specialized engineering construction and operation of privatized highway port operations fabrication property and mine management erection of power transmission lines power generation and design and construction of public light rail system.