Monday, April 9, 2012

SHCHAN - Rechallenge 5-year high

SHCHAN - April 09, 2012 - Broke above 5-year high of 1.20

SHCHAN, or Sin Heng Chan (M) Bhd, with their main businesses in feed-milling, day-old chick, & recently ventured into plantation (2007), has gain some interest recently following its successful break of the its 2007 high of 1.20 last week. With the company diversified into PLANTATION sector few years back, their estates should now be matured for harvesting, just in time to ride the recent bull run of the CPO prices, which broke & closed above 3,600 level last Friday. 

Expect some consolidation to take place after the strong gain of 30% in 2 days time. Previous consolidation went on for half a month, providing some insight as to when the next up-wave will come, which may just be sooner or later than 15days time.

Improved volume spell bullishness of the recent gain. Thus, consolidation should be in low volume as observed in the preceding correction wave. We shall continue to watch the counter & wait for the signal to enter. However, deep-pocket players may accumulate between 1.10-1.15 region during the consolidation period & we are looking at 1.618 fibo target of 1.60 after successful breakout of the on-going consolidation wave.


No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...

Books for Traders