Feb 28, 2013

Ingress - Short-term Buy On Dip

INGRESS – MYR1.59  (Stock Code: 7112)  (Bloomberg Code: INGC MK Equity)

ingressabove: Ingress daily chart (click to enlarge)

INGRESS made a major daily Wave 4 low of MYR1.18 (22 Jan 2013) with grossly oversold and bullish signals. Its very firm buy indicators suggest a strong upside Wave 5 move. It is likely break into higher Wave 5 territory, as it breached its key resistance areas recently.

SHORT-TERM BUY (TECHNICAL)  on dips for  INGRESS,  with very firm support areas of MYR1.39 and MYR1.59. The upside target areas for the stock are at MYR1.75, MYR1.83 and MYR2.23. Stop-loss is at MYR1.37

Ingress Corporation  Berhad  (INGRESS)  manufactures roll-formed plastic mouldings and weather strips, automotive door assemblies and other automotive components.

by Maybank IB