May 11, 2010

SUPERMAX - Buy On Technical

SUPERMX– RM6.86  SHORT-TERM BUY (TECHNICAL) (Stock Code: 7106)

Supermax Corporation Berhad (SUPERMX)  is an investment holding company that manufactures, sells, and exports various types of latex gloves around the world.

supermax-chart

Above: Supermx daily chart: click to enlarge

Recommendation 
SUPERMX  fell in accordance to our report of 5 May 2010 to just below the second (RM6.19) target to RM6.10 last Friday and rebounded firmly from that level. With the oversold Stochastic buy signal, SUPERMX is likely to inch up and test the resistance and target areas of RM6.97 and RM7.45.

SHORT-TERM BUY (TECHNICAL)  on dips for  SUPERMX  with firm support areas above. We expect SUPERMX to test its upside target and resistance areas. Stop-loss is at RM6.10.

by maybank IB