Malton Bhd., a property company, has a bullish double bottoms formation. Its OBV is very impressive. OBV breakout is at around 40 sens. Neckline breakout is at 70 sens with minimum target at 115 sens.
From 2009 bottom of 27 sens, its price moved to about 40 sens within 2 months. For the next 13 months, its price stayed around 38 sens until its OBV managed to breakout and set a new high in July 2010.
Since then it has been moving within an up-trend channel accompanied by record breaking OBV. Short-term monitoring is the 70 sens level to see whether it can break this level with high volume.
Last Friday it closed with a record volume of 26.9 millions shares at 60 sens, up 4 sens. If my chart reading is correct, it is currently forming its sub-wave vii of wave 3 of (3) of (III), very bullish. Hope to get another record volume on Monday.
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