Bursa Malaysia

The last low of the Industrial Index near 2500 can either be the end of major wave (III) or it is forming only wave A of (II). However, if Dow has started its third wave, chances is high that Industrial Index is at its major wave (III) too. There is no danger as long as it can hold above 2550.



TimeCom put on 4.5 sen (8%) today to close at 59 sen. It is currently on its sub-wave iii of wave 3 of major wave (III). It still has a long way to go.



UEM Land has the same pattern as TimeCom, currently on sub-wave iii og wave 3 of major wave (III). At the close today, it managed to break out of its Rm 1.60 resistance level to close at Rm 1.62. The minimum level for sub-wave iii is Rm 1.80.



Gamuda has moved very close to its upper resistance line of around Rm 3.40. Watch out for a breakout with high volume. A break out will confirm its sub-wave iii of wave 1 of major wave (III)



IJM appears to be one wave ahead of Gamuda. It broke its upper resistance last Friday and is currently resting on top of its resistance level. It closed at Rm 5.07 today. It may rest here for another day or two to form its sub-wave i & ii. If this reading is correct, its sub-wave iii of wave 3 of major wave (III) should start within this week and it should reach at least Rm. 5.80.

IJM Warrant C at Rm 1.16 looked very attractive. With its conversion price at Rm 4.00 and expiry date on October 2014, the premium of 9 sen (1.7%) is ridiculously low. If IJM can go to Rm 5.80, the warrant should reach Rm 1.80 at zero premium and that is a gain of 55%.