Dutaland Bhd

Dow remains in its wave 3 formation. Where will wave 3 end remains as anybody's guess.

Dutaland Bhd

Formerly known as Mycome, was the darling of stock speculators in 1993/1994. Its stock price went to a high of Rm9.60 in 1994. With the restructuring exercise in the subsequent years involving capital reduction from Rm 1.00 par value to Rm 0.10 and the capital consolidation of 10 shares of Rm 0.10 shares back to 1 share of Rm 1.00, plus right issues, the Rm 9.60 high in 1994 was adjusted upwards to Rm 55.00. In December 2007, the company name was changed to Dutaland Bhd. Since 2009, OBV accumulated amount to 200 million shares.



Its annual earning for year ending June 2010 was only 1.35 sens. Net assets per share was Rm 1.30. Last week it announced an assets revaluation surplus of 15 sens. With that surplus, its revised net assets per share is Rm 1.45.



After hitting a bottom of 29 sens in March 2009, it moved to a high of 72 sens by June 2009. Since then it has been moving downwards within a down trend channel to reach 42 sens in June 2010. Since then it has formed a double bottoms pattern. The neckline was broken with high volume and with OBV breakout. Chances is high that this is the beginning of its wave (III) that has to go higher than 72 sens, the top of wave (I).



Has to watch out at 55 sens level. Failure to break away from the 55 sens level can send the stock price all the way down to below 40 sens for a A-B-C-D-E wave (II) formation.