Inari added 16 sens (+4.1%) today and managed to stay above its upper resistance line
In fact, if we look at the bar-chart, Inari has already moved above its upper trend-line on Friday. It dropped back on Monday to rest on the trend-line and today it pulled further away from the trend-line.
Today's candlestick is the mini wave 7 of its sub-wave vii.
Insas Bhd (Rm 0.86)
I have adjusted my wave count for Insas so that it is moving in tandem with Inari, keeping in mind that in every Insas share there is 0.322 Inari share. At today's closing price of Rm 4.06 for Inari, this 0.322 share alone is worth Rm1.30
From its long-term chart, Insas is forming its major wave 5.
I am definitely happy that Inari is at Rm 4.06 but I don't understand why it can reach Rm 4.06 while Insas is at Rm 0.86.
Is it possible that the depressed price is due to the consistent selling by Thong Kok Khee, who has to reduce his stake to less than 30%.
Based on his announcement yesterday, after selling off another 900,000 shares on Friday he is still holding 32.9% of Insas. He still has to sell off another 19.3 million shares.
FACB Industries Incorporated (Rm 1.14)
Facb is comparatively active today with 520,000 shares traded. It added 6 sens (+5.56%). It is forming its sub-wave iii of wave (iii).
Looking at its long-term chart, hopefully mega wave (4) is completed and it is forming its mega wave (5).
This is a stock that has been moving like a tortoise despite the fact that there is a net cash of Rm 1.76 for every Facb share, and there are 4 Kbunai shares inside each Facb share. For quarter ending 30th June, its quarterly earning per share is 2.05 sens with net assets at Rm 2.45 a share.
I think its owner, Dr. Cheng Lip Keong, the No. 24 richest man in Malaysia (Forbes ranking), must be very busy with his NagaCorp casino operation in Phnom Penh, Cambodia.
He must also be very busy over his NagaCity Walk Project that has been scheduled to open by end of this year.
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