MUHIBBAH

MUHIBBAH is beginning to look quite attractive technically after recent decline.

MUHIBBAH Weekly Chart

On weekly chart, a bullish divergence has formed between price and MACD. MACD is still below its signal line but has turned up. Price has retraced 61.8-76.4% of the upswing from w/e 13th Mar 09 to 12th Jun 09. Traders familiar with Elliott wave theory should notice that the decline from w/e 12th Jun 09 is a 5-wave decline.

MUHIBBAH Daily Chart

On daily chart, MACD is rising and above its signal line. A long white candle on relatively high volume on 5th Mar 10 took out the high of the last 9 days price bars.

It opened at 95.5 sen on 8th Mar 10 and I managed to buy at 96 sen. The stop-loss is at 89 sen. The target is RM1.09-1.21 for short term trade and RM1.54-1.67 and RM1.93-2.01 for long term.

Disclaimer:

Trading and investment involves risk and possible loss of capital and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and information presented in this blog.