Bursa Malaysia - Two Stocks with Double-Bottom Reversal

Perak Corporation Bhd (Rm 3.32)

Refer to my 9th May posting, at that time at Rm 1.68, Perak Corp. was about to break its neckline to form the double-bottom reversal pattern.

With the market talk that Perak Corp will either be privatised or be taken over in a reverse takeover (as reported by The Edge), its price continued to move higher and it added another 19 sens today to close at Rm 3.32.

It is forming its wave 3 at this moment. Judging by the wave count below, it still has a long way to go. It is about to complete its little wave 5 to complete its sub-wave (iii).

Gunung Capital Bhd (Rm 0.90)

Received a SMS from an old friend on this stock today. After looking at the chart my SMS to him was "Aiyah, should have alerted me last week".

Still not too late, it has completed its major wave (1) - (2) and is currently forming its wave 1 of its major wave (3).

 

To be exact, it is currently forming the mini wave iii of sub-wave (iii) of wave 1 of major wave (3). There is still a long way to go. It gained 6.5 sen today with very high volume of 4.8 million shares.

It announced its 2nd quarter earning of 4.3 sen/share in July. For the first two quarters from January to June, its earning is 8.6 sen.

.
.