Mudajaya gained 53 sen (+13.42%) today to close at Rm 4.48. Since late July this construction company experienced great volatility in its price movement. From late July to early August, its share price dropped from Rm 6.10 to Rm 3.80 within 10 trading sessions due to e-mail flying around talking about issues related to its Indian power plant deal and the investigation by Securities Commission.
But technically, its price movement can be considered as well behaved. It has a zig-zag A-B-C corrective waves (II) followed by an irregular expanding A-B-C wave (IV).
The 10-day plunge is the wave C of the expanding A-B-C
Since then it has completed its wave 1 and a 100% retracement wave 2 to form a mini double bottoms. The 53 sens candlestick today can be the starting of wave 3 of major wave (V).
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