MUHIBAH Trade on 17 Jun 10 - Update No. 1

I posted this trade on 27 Jun 10.

http://swingtrader188.blogspot.com/2010/06/muhibbah-trade-on-17-jun-10.html

It has been a long wait. MUHIBAH finally attracted lots of trading interest. Volume was well above normal last week.

In my original post I mentioned RM1.14 (8 Apr 10 high) as my initial target. This remains a valid target but I have now projected target zones based on the technique I learned from Robert Miner's book High Probability Trading Strategies.

These are shown in the weekly chart below.

MUHIBAH Weekly Chart 20 Oct 10

The initial target zone is rm1.09-1.15. The target range correspond to:

1. 38.2% retracement of the decline from w/e 12 Jun 09 to w/e 27 May 10.

2. 161.8% projection of the advance from w/e 27 May 10 to w/e 06 Aug 10 projected from the low of w/e 03 Sep 10 weekly bar.

3. 161.8% external retracement of the decline from w/e 06 Aug 10 to 27 May 10.

Next target zone is rm1.23-1.28. The target range correspond to:

1. 50.0% retracement of the decline from w/e 12 Jun 09 to w/e 27 May 10.

2. 261.8% projection of the advance from w/e 27 May 10 to w/e 06 Aug 10 projected from the low of w/e 03 Sep 10 weekly bar.

3. 261.8% external retracement of the decline from w/e 06 Aug 10 to 27 May 10.

Will MUHIBAH reach these target? Let's see.

Disclaimer:

Trading and investment involves risk, including possible loss of principal 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 any information presented in this blog.