Reflections on Volume

Big volume without further upside equals distribution
Big volume without further downside equals accumulation

Volume tends to peak at turning points
Volume often precedes price movement
Volume is a relative study


Friday, January 15, 2010

Daibochi Plastic & Packaging

Maybank Investment rates Daibochi Plastic & Packaging (8125.KU) at Accumulate based on charts with upside targets at MYR3.33, MYR3.83. Technical analyst Lee Cheng Hooi says stock made minor Wave 4 low of MYR2.00 in November, with grossly oversold signals. "The stock is in a firm major Wave 3 uptrend, confirmed by the positive crossover from the CCI, DMI, MACD, Stochastic and Oscillator indicators," says Lee; adds, stock will continue to rise, test next resistance at MYR3.25, towards target levels. Stock +1.4% at MYR2.98. On downside, support seen at MYR2.94, then MYR2.48; stop loss at MYR2.46. (KPL)

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