Jun 9, 2014

MITRA - Short-term Buy (Technical)

Weekly Trading Idea:  MITRA – MYR0.88 (Stock Code: 9571)

Sector: Construction

mitra_technical_analysis above: MITRA Weekly Chart (click to enlarge)

 

Recommendation

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.

mitra_data

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