Disclaimer


The contents in this blog is solely for information purposes only. All expressed views and technical analysis in this blog do not constitute buy or sell recommendations. Readers should do their own research and due diligence as well as consult with an investment professional before making any investment decisions. The author will not be held liable nor accountable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein.

Monday 1 September 2014

TEKSENG

Periodically,  TCB will pick a stock we may like to trade short term.  So, this week, TCB have picked the stock, TEKSENG to put in *Stock In Focus (SIF)*.  Please do not take this as a buy signal as our TA reading for these stocks are for sharing purpose only.  Do calculate your own risk/reward ratio if you decided to trade this counter. 

--TEKSENG Daily chart--
--TEKSENG Weekly Chart--

Tekseng is bullish after breaking out from its round bottom formation.  On the daily chart, there were two breakouts that was accompanied with volume.  On the first breakout on 11/8, it scaled to a high of 0.50 before consolidating into a flag pattern (flag 1).  

 The second breakout came on 22/8, supported with an even higher volume and it attained a new high of 0.645. The bearish harami that ensued, signals a period of uncertainty that could descend onto the stock which it did. It is now trading in its second flag formation (flag 2) with a support of 0.545.  A breakout from its current resistance of 0.595/0.60 will set it off to test its important resistance at 0.645/0.65.  It will encounter strong resistance at 0.70 before attempting to realize its immediate target price of 0.73/0.75.  A stop loss of 0.51 is recommended for short term traders while for mid term traders, a stop loss of 0.48 is suggested..   


Key Notes:
1. The company reported an improved performance for the first half of 2014 with revenue increasing 26% while profits before tax increased almost 6 fold over the corresponding period of last year 


References:
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1717681
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5 comments:

  1. JY3 September 2014 at 19:50

    Well done on Tekseng. Long live TCB!

    ReplyDelete
  2. yeo4 September 2014 at 07:52

    Hi, I'm new to stock trading.
    May I know how you think about the stock DSonic(5216)?
    I have bought some of their DSonic-CA.

    ReplyDelete
    Replies
    1. TCB5 September 2014 at 21:07

      yeoO, thank you for visiting here. DSonic is currently consolidating in its symmetrical triangle formation. It is forming a support base at 1.80 and has a resistance of 1.86 to overcome before it can attempt to scale higher. In order for it to resume its uptrend, it needs to break the 2.00 resistance. As you are aware, the CA will track the movement of its mother share. If you are trading based on TA, we do advocate traders especially new traders to have an exit strategy when trading, i.e., to have a target price to lock in profits when the stock is trending up and to have a stop loss price to cut loss in case the trade goes against us. Good luck.

      Delete
  3. Simply Great Food6 September 2014 at 06:14

    Tekseng was indeed a good spot and wonderful TA by TCB.Cheers all TCB members.

    ReplyDelete

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