Bina Puri Holdings Bhd (Rm 0.38) - On new uptrend?

Bpuri has been moving in a downtrend direction for 7 years from its 2011 January high of Rm 1.54 to its August 2017 historical low of 33 sens. Its OBV indicates consistent accumulation during these 7 long years of downtrend. Accumulation turned stronger since early 2016.

Off and on I used to have a look at its chart to check for reversal pattern because Bpuri is considered by many as a fundamentally solid stock except that its earning is not that impressive. Its latest quarterly earning is only 0.07 sens a share but its assets backing is quite strong at 87 sens a share.

Since mid-August it has formed a bullish three overlapping waves that moved higher and higher within an uptrend channel.

My wave reading is wave (i) with a-b-c-d-e wave (ii). It moved up 2.5 sens today with strong volume. If it can break the upper trend line tomorrow with higher volume, it can continue to run higher for a while.

The business of Bpuri can be classified under five segments. Namely construction; property development; quarry and readymix concrete; polyol manufacturing and lastly power generation and supply.

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