Update: Tebrau, Kulim, IJM Plant & Johor Land

1) Tebrau - Is this the time to buy Tebrau? It has formed a Descending Triangle [DT] (marked as A-B-C in chart) with support at the base of 0.50 (B-C) which supported Tebrau's prices on 2 occassions. In TA a DT is not a good sign. A fall below the base will be bad & a cut loss should be placed below 0.50. For the picture to turn positive it must break out of the DT at 0.60 with much stronger volume than Tuesdays, at least 750k to 800k lots. A break below the triangle will trigger massive selling & support of 0.45 may not hold. On the positive side Tuesday's candle can be called a piercing pattern & is a strong sign. But is it time to get back in? I would wait for a breakout above 0.60 first.


2) Kulim - Since I made my call on Friday 21 July, Kulim has risen strongly. Daily RSI at 75 is just slightly oversold but still has room to move up, MACD is positive. But after 6 continuous positive days we will probably see a correction soon, maybe today. However, the support at 3.85 should hold & after a small correction prices should continue to rise. BUT watch palm oil (CPO) prices, if it starts falling then Kulim will too but this is quite unlikely to happen soon. CPO prices are on the up & up.


3) IJM Plantations - Has also been rising like Kulim. It has been stopped at the all time high of 1.62 on Tuesday. There may be a small correction, but after that it will continue rising again. Same story as Kulim.


4) Johor Land - Although prices rose yesterday there was no volume, so this is NOT a Flag breakout. We can draw a new Flag/Channel & prices still have to break out on strong volume for confirmation. Wait for that.