Mulpha International Bhd (Rm 0.29)

Mulpha closed at 29 sens today, 4.5 sen (18%) above its all-time low of 24.5 sens. From the 20-Year chart, one can see that its price is near its all-time low and its OBV is close to its record high.

Mulpha's last 4 quarters earnings are 1.94 sen, 0.62 sen, 1.95 sen and 3.44 sens with net assets per share at Rm 1.20.

Its latest quarterly earning of 3.44 sen is inclusive of a gain of Rm 50.39 million on disposal of subsidiaries and Rm 9.84 million on dilution of interest in associates.

If my ABC-X-ABC wave count is ultimately proved to be correct, then 24.5 sen could be its all-time record low. At 29 sen, Mulpha can be considered as value for money.

This guy called Calvin Tan has put up an article 'Top 10 Reasons Why I Am Now Turning Bullish on Mulpha!'. Click to read.

At this point I would like to point out that when a stock's price is at its all-time low and its OBV is at its all-time high like what Mulpha is having now, it is not necessary that the stock has bottomed. One good example is Price Worth International Bhd (Rm 0.115).

In September 2011, when PWorth is at 32 sen (price at all-time low), its OBV is close to its all-time high. It reported a quarterly earning of 0.72 sen a share and net assets of Rm 1.49 a share, everything looked OK to me but PWorth continued to move lower in the next 4 years and 5 months to today's 11.5 sens and its OBV continued to move higher. PWorth latest earning is 0.07 sen a share with net assets at Rm 0.47 a share.

So, has Mulpha bottomed ? I don't know. Your guess is as good as mine.

Technically, even if my hypothesis of ABC-X-ABC wave count for Mulpha is correct, at this juncture, there are two possible short-term wave counts for Mulpha.

If Mulpha can hold around its current price for a short while and then move higher, then it is forming its mini wave 2 now.

But if it continues to move lower and lower, then wave C has 9 sub-waves instead of 5 sub-waves as shown below.

.

Weekly Update

Crude Oil WTI (US$35.92 a barrel)

Crude oil (WTI) is forming its mini wave 4 (of sub-wave v of (iii)) rebound.

Wave a of its mini wave 4 has either ended or is about to end.

Dow (17,006)

Dow will continue with its sub-wave i formation in the next 3 to 4 weeks.

FBMKLCI (1,692)

If KLCI can break its upper channel line, then it is at its sub-wave iii.

However if  KLCI starts to move lower next week, then last Friday high is the end of its mini wave 5 as well as the end of its sub-wave i.

EG Industries Bhd (Rm 0.94)

EG so far has completed its wave a-b and sub-wave i-ii of its wave c of 4.

Farms Best Bhd (Rm 0.74)

Farmbes has one more wave to go, its sub-wave ix, to end its wave (i).

Pan Malaysia Corporation Bhd (Rm 0.28)

PMCorp is currently forming its mega wave (5).

It is either forming the wave c of its wave (iv), if it continues to move lower next week.

Or it is forming the sub-wave vii of its wave (iii) if it can move higher next week.

At PMCorp's EGM held on 3rd March, 2016, the shareholders had approved among others, a capital distribution of 8 sens a share to all existing shareholders.

For its latest quarter ending 31th December 2016, PMcorp reported losing 0.02 sen a share. Net assets is 50 sens a share. It has Rm 134 million cash with only Rm 0.25 million borrowing. Cash per share is 17 sen.


.

My Buddy

My forever happy buddy

Mnnnn, the best strategy is ....

Please .......

Wow !

I don't want to sleep, it's still early.

Please ...... I don't want to sleep.

I am thinking .......

Weekly Update

Crude Oil WTI (US$ 32.86 a barrel)

Mini wave 4 continues with its journey. Expected to end at US$38.00 within the next 5 to 6 weeks before mid April. Watch out for the last mini wave 5 plunge to below US$25.00 a barrel.

Dow (16,639)

Dow is forming the mini wave 3 of its sub-wave i. I expect its sub-wave ii to move in tandem with crude oil's mini wave 5. If crude oil price were to go below US$ 25 in its mini wave 5, the sub-wave ii of Dow might go for a 100% retracement to the starting point of its sub-wave i at 15,660.

FBMKLCI (1,663)

KLCI continues to complete its sub-wave i. Currently KLCI is either forming its mini wave 4, a more likely scenario.

Or it is a more bullish but less likely possibility as shown below. The current correction is the minor wave ii of its mini wave 3. For this scenario, KLCI needs a powerful minor wave iii surge next week. Failure which, this scenario is out.

Pan Malaysia Corporation Bhd (Rm 0.27)

I have overlooked a small mini wave 1-2 at the starting of sub-wave v. A costly mistake.  So, wave (iii) has ended and wave (iv) in progress.

Need to wait for wave (v) in order to feel good again.

Farms Best Bhd (Rm 0.77)

Farmbes reported a very bad quarterly loss of 16.86 sens a share on Wednesday after the market has closed. But surprisingly its prices held very well in the next two trading days, but technically it has to be that way as it is on its way to complete its sub-wave ix.

Earlier on 15th February, Farmbes has announced that it has received a 'Letter of Intent' from CAB Cakaran to purchase assets (28 Broiler Farms, 6 Breeder Farms, 7 Depots and 1 Poultry Processing Plant) at a purchase consideration of up to Rm 242 million. It also mentioned that the total book value for the assets is about Rm 93 million. The extraordinary gain at the conclusion of the S&P will be Rm 149 million. If we divide Rm 149 million by its number of share of 61 million, it is Rm 2.44 a share. Farmbes also mentioned that its current bank borrowing is Rm 250 million.

EG Industries Bhd (Rm 0.89)

The rebound after its 5-wave down has ended.

From its 10-Year chart, it is possible that EG has completed its major wave 3 and is currently forming its major wave 4.

From its 5-Year chart, EG took 14 months to complete its major wave 2. Major wave 3 ended in early January, this is only the second month of its correction, still a long way to go to complete its major wave 4. Very likely the current down trend is the wave a of 4. The next rebound is likely to be the wave b of 4.

EG has reported an impressive good earning of 4.57 sens a share. Please refer to its Friday's press release titled 'EG Industries Core Net Profit Rises 5 times in 2Q16'. Click to read.

Same old words, 'In stock, anything can happen', if 'they' decided to push all the way up, then we will have the following wave count. wave (i), (ii) and (iii) of major wave 3, where wave 3 has not yet ended !!!

.

EG Industries Bhd (Rm 1.01)

EG gained 8 sens (+8.6%) to close at Rm 1.01 today. From its January high of Rm 1.23 to its February low of 83.5 sens, it has formed 5 sub-waves (i-ii-iii-iv-v), the point at 83.5 sens has to  be either wave a or wave (i).

If it is wave a of 4, then the current up-trend is the wave b of 4.

But if it is wave (i), then the current up-trend is lightly to be the wave (ii) of a.

.

Weekly Update

Crude Oil WTI (US$31.95 a Barrel)

Crude Oil has completed its mini wave 3.

And it has started its mini wave 4 rebound. If it is an a-b-c mini wave 4, this rebound may take another 6 weeks to complete.

Mini-wave 5 may take the price to below US$ 26 a barrel.

Dow (16,391)

My reading for Dow remained the same. It is either forming its major wave (7), 

or it is half-way through its mega wave 2 correction, which is expected to be an ABC-X-ABC corrective wave.

FBMKLCI (1,674)

So far so good, wave (iii) of major wave 5 is progressing nicely.

Pan Malaysia Corporation Bhd (Rm 0.31)

PMCorp is forming its mega wave (5).

With last Friday's red candlestick, there is a possibility that PMCCorp is going for a diagonal sub-wave v to complete its wave (iii).

 

But if it can break its upper trend line on Monday or Tuesday, then there is a long way to go for it to complete its sub-wave v.

.

Pan Malaysia Corporation Bhd (Rm 0.32)

PMCorp gained 2 sens today with record volume. With this, it is confirmed that PMCorp is forming the mini wave 3 of its wave (iii) of mega wave (5).

.