Trader’s Note #94: June Market Update

KLCI move in sideway for this week, as the previous bad news has temporary sank, trader’s are in neutral position and the buying sentiment are arising due to accumulation of bluechips upon oversold. KLCI predict to form a round bottom over June, and it’s very uncertain of its direction, whether to reverse and go up or continue to fall. 

KLCI 66151

The volume gets shrinking during the bottom forming, it will become very sensitive towards any events, its direction is event driven and the upside resistance is very large, 1765 points is the major psychological resistance to break in order to signal bullish. 

In June, there’ll be 3 counters worth to hold:

IRCB

IRCB 5615

– manufacturing and trading of powdered and powder-free Natural Rubber Latex (NRL) and nitrle examination gloves. This align with the boosting demand of rubber gloves due to the burst of MERS.

– IRCB is under reforming and according to the rumors, it is applying to de-list its PN17 status.

– IRCB is making losses for most of the years since 2009, the accumulation earning until now is still in negative.

– IRCB under consolidation state after the first spike and big chance to test its new high at RM0.87.

– Carepls and Supermx has moved amid the MERS, IRCB could be the next.

MAA

MAA 5615

– Listed PN17 because it sells off its core business.

– May announce new business in June and that will likely to stimulate its share price.

-Price consolidate within a triangle, waiting for for MACD golden cross over and volume spike for the next wave.

Amprop

amprop 6515

– Property company which involves in renewable energy, this sector has gaining more attention from global market. Amprop expected to trail the movement of Cypark amid government’s support for renewable energy sector. 

– MACD shows that Amprop has fallen to its support by touching the 0 phase, if this support is to be kept, it forms an entry at RM0.94.

– Previous rally and pullback activated the move of prices, thus big chance for it rally up until it fair price value at RM1.80 for mid term, short term target is around RM1.20. logo s transparent png