Wednesday, December 4, 2013

Dow - Possible starting of mini wave 5



Dow

Dow dropped a total of 172 points (1%) on Monday and Tuesday. On Wednesday morning, Dow opened lower and reached a low of 15846 before rebounded to positive territory within the first hour.


It is possible that mini wave 4 has been completed and the rebound marked the starting of mini-wave 5 that could reach 16,400 level to complete the sub-wave iii within December.



FBMKLCI

FBMKLCI dropped 2 points to 1821 at the close of today's trading session.


I expect the index to pick up momentum very soon. Sub-wave 3 has to be more dynamic than sub-wave 1.


Mega First Corporation Bhd (MFCB) Rm 2.08



 MFCB put on 10 sen today to close at Rm2.08. It is about to break its Rm2.10 resistance. MFCB is a diversified company with businesses covering power generation, property development and limestone quarrying.

It has just announced its third quarter earning at 10.36 sen/share. Its cumulative earning for the first 3 quarters is 27.79 sen/share. NTA is Rm3.05/share. It has Rm 147 million cash in hand and its bank borrowing is Rm 53 million. MFCB has been buying back its own share for more than 5 years since early 2007 when its stock price was around Rm1.40.

Is MFCB about to break out and run ?  Wave iii of 3 has to be dynamic with high volume.




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