We have 3 more trading days before 2008 come to a close. For the bulls, 2008 is a year to be forgotten whereas the bears had a jolly good time.
2009 looks to be another tough year for business worldwide and economists have all predicted that recovery in the economy will come in the later part of 2009. Given that fact that stock market leads the real economy, a rebound in equities should materialize before the end of the second quarter
Company like Berjaya Sports Toto Berhad, which is in the gaming industry providing digit type games like 4D, 5D, lotto etc should be able to survive the downturn.
The technical chart is showing a slightly bullish bias. The MACD had just cut above its signal line. RSI is also increasing after hitting oversold levels. +DI is above –DI and ADX is beginning to bottom out. The stock price is now riding on an upward channel. However with ADX at a low level, it does not make sense to expect a strong rally at this point.
Support is at RM 4.40 and resistance is at RM 4.80. One way to play this stock is to wait for a pullback to the RM 4.40 level and to hold for a test of RM 4.80. For example, if you decide to enter at RM 4.50, stop loss at RM 4.40 and profit target RM 4.80, that will be a risk of RM 0.10 and potential profit of RM 0.30.
2009 looks to be another tough year for business worldwide and economists have all predicted that recovery in the economy will come in the later part of 2009. Given that fact that stock market leads the real economy, a rebound in equities should materialize before the end of the second quarter
Company like Berjaya Sports Toto Berhad, which is in the gaming industry providing digit type games like 4D, 5D, lotto etc should be able to survive the downturn.
The technical chart is showing a slightly bullish bias. The MACD had just cut above its signal line. RSI is also increasing after hitting oversold levels. +DI is above –DI and ADX is beginning to bottom out. The stock price is now riding on an upward channel. However with ADX at a low level, it does not make sense to expect a strong rally at this point.
Support is at RM 4.40 and resistance is at RM 4.80. One way to play this stock is to wait for a pullback to the RM 4.40 level and to hold for a test of RM 4.80. For example, if you decide to enter at RM 4.50, stop loss at RM 4.40 and profit target RM 4.80, that will be a risk of RM 0.10 and potential profit of RM 0.30.
