Update: Utama, Tebrau, IJM-W, Versatile, RHB, MTD Infra

1) Utama
Has formed a very nice Doji which opened & closed at the recent high of the Flagpole 1.08. If the price opens above 1.08 tomorrow, then the correction is over & prices should rise from here. This Doji after a downtrend is a bullish sign.


2) Tebrau
For followers of Candlesticks, today's pattern is NOT a piercing pattern which is a bullish bottom reversal pattern. For a piercing pattern the candle must push beyond the half way mark of the prior black candle i.e. 0.60 but in this case it closed at 0.58. The pattern is a "Thrusting" pattern & is sometimes viewed as a bearish pattern in a downtrend. However, since Tebrau is still on a higher high (i.e. this high is higher than the high of 11 May) one could say that it is not in a downtrend but its just a minor correction in an uptrend. In this case the thrusting pattern is viewed as bullish. Hence if tomorrow Tebrau opens above 0.58, then the trend will be up & today's candle is a bottom reversal of the minor correction.



3) IJM-WB
This stock has formed a beautiful hammer today. If it opens above 1.08 & stays above that throughout the day, then we have confirmation & price reversal to stop the downtrend. After that we have to follow the charts.



4) Versatile
A spinning top (ST) has formed at the bottom of yesterday's long black candle. This shows that the bulls & bears are in a struggle. It can presage a change in trend. If tomorrow there is a white candle & prices move up, then this ST can be considered a morning star, a bullish pattern & we can say the correction is over for Versatile & prices should move back up. Tomorrow's price movement is all important in calling the change in trend.



5) RHB
This is also displaying a thrusting pattern though its stronger than Tebrau. Its almost a piercing pattern. Its bullish & should end the downtrend.



6) MTD Infra
It closed above the support of 1.08 but is not displaying any further bullishness. Tough to say that the correction is over, we have to wait for further confirmation.