Weekend summary

Dow (16,493)

Dow dropped a total of 387 points (-2.3%) on the last two trading days to close the week at 16,493 level, only 41 points above the theoretical support level of 16,452, which is the top of sub-wave i.

Has Dow completed its sub-wave iv correction or it is only the wave a of sub-wave iv ? Or is it something else ? Hopefully Dow can reveal something by end of next week.

KSL Holdings Bhd (Rm 3.16)

KSL continued to form its dynamic minor wave vii. Still a long way to go as it has to complete its minor wave viii and ix to form its mini wave 3. After that there are mini wave 4 and 5 to complete its sub-wave iii  and then sub-wave iv and v and so on ........ still a long way to go.

Golden Pharos Bhd (Rm 1.03)

At this moment it appeared to me that it is more likely that GPharos is forming the wave b of  its wave (iv). I expect GPharos to move lower next week and ultimately to move to the Rm 0.80 level.

However, it may be less likely, but it remained possible that the last two days of consolidation is the mini wave 2 of its wave (v). If this is so, then next week it will have a strong run to form the mini wave 3 of its wave (v).

Priceworth International Bhd (Rm 0.21)

Watch out for this stock, it is about to complete its wave (ii). The next wave is wave (iii), it is expected to be dynamic with high volume. 

Its log production figure for June has dropped from its May's figure of 4,870 cu.m to only 550 cu.m. There is no explanation for the drop in production.

Sumatec Resources Bhd (Rm 0.465)

One of my friends asked me about my reading on Sumatec. My comment is - It is a very well behaved stock. From its September 2011's bottom of 15.5 sens, it has completed its major wave 1, 2, 3 and 4 by end of April 2014.

 

Since the beginning of May 2014, it has completed its wave (i), (ii) and sub-wave i, ii, iii and iv. It is currently forming its sub-wave v.

Malaysia Steel Works (KL) Bhd (Rm 1.04)

Over the weekend another friend of mine asked me to have a look at Masteel.

Wow, very bullish, it is heading for Rm 1.40. Looking at the 20-year chart, after completing its mega wave (1) in 2008, it has been moving side way to form its mega wave (2) that takes the form of a 3-3-3-3-3 ABCDE Contracting or Symmetrical Triangles. It has so far completed a 3 waves down A, a 3 waves up B and another 3 waves down C. It is on its way to complete its 3 waves up D.

 

For its wave D, it has  just completed its wave 1-2 and has started its wave 3 with an OBV breakout. An OBV breakout always precede a price breakout. So it is expected to break Rm 1.16 and then proceed to Rm 1.40 to completed its wave D.

It reported an earning of 3.29 sens per share for its 1st quarter ending 31 March 2014. Net assets per share is Rm 2.53. A solid stock.

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