TITAN (stock code 5103 ) made a daily minor Wave 4 low of RM1.10 in May 2010. The recent steady price action above the 19 and 50-day moving averages and a firm golden cross buy signal indicates firm upside bias movement.
Positive crossovers from its daily signals are also very supportive, indicating much further upside potential for TITAN.
SHORT-TERM BUY (TECHNICAL) on dips for TITAN with its firm support areas of RM1.48 and RM1.63 and fine upside target areas of RM1.74 and RM2.00. Stop-loss is at RM1.46.
Titan Chemicals Corp Berhad (TITAN) manufactures polyethylene, polypropylene, and polymers. The chemicals are sold to manufacturers of flexible and rigid packaging, fibers, automobile parts, and other products.
by Maybank IB
