Insas losing 4.38 sens a share

Insas Bhd (Rm 0.835)

After the market has closed, Insas reported losing 4.38 sens a share for its latest quarter ending 30 September.

Comparing with the previous quarter, its revenue dropped by 50%, 'other income' dropped by 65% and share of profit of associate dropped by 85%. The most damaging item is 'other operating expenses' where Insas recorded a negative Rm 48.9 million. Further checking revealed that Insas incurred losses of Rm 10 million on foreign exchange and Rm 27 million on loss of fair value of financial assets.

I expect its share price to be quite volatile tomorrow. I shall wait for the dust to settle before reviewing its 6-month chart. Its longer term chart should remain the same.

It has completed its major wave 1-2-3-4 and is currently forming its major wave 5.


Datasonic Group Bhd (Rm 1.60)

Instead of giving me another green candlestick, Dsonic gave me a bearish red engulfing candlestick. It is forming the wave c of (ii).

If it can move up tomorrow, then it is a running a-b-c. If it continues to move lower, then it is an expanding a-b-c.

The above reading is based on the assumption that Dsonic has completed its major wave 2.

However, if it continues to move lower in the next few days and it goes below Rm 1.50, then there is this possibility that Dsonic has not yet completed its major wave 2, which is taking the form of a a-b-c-d-e-X-a-b-c, a complex major wave 2. 

EG Industries Bhd (Rm 0.825)

EG has broken its uptrend with 3 consecutive down candlesticks. Since its previous uptrend from 78 sens to 88 sens has only 3 waves, it has to be wave b of (iv).

After 3 days of consolidation, if EG can start to move higher again tomorrow, then it is a running a-b-c wave (iv).

If EG continues to move lower, then it is likely to be an expanding a-b-c wave (iv). It may reach 76 sens to complete its c.

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