Updates MTD Inf, Tebrau, RHB, Utama, Versatile

1) MTD Infra behaved in a very strange & uncomfortable way towards the close today when there was great selling pressure which took prices right down below the top of the cup at 1.44. It closed at 1.42 so still remains above the Flag breakout price of 1.40 so the Flag is still valid but the cup & handle breakout is uncertain. We need to see prices tomorrow.

Prices failing with high volume is disconcerting especially after a breakout. However, it is normal for a Flag breakout to return to the breakout price before resuming the uptrend. At this moment I would say that MTDi is at an undetermined state. We need to see what happens over the next few days. If prices fall & close back into the Flag at 1.38 then both C&H and Flag are not valid. Support is at 1.40. Traders beware, you may have to cut loss if this happens.



2) Tebrau - Healthy consolidation. Support of 0.615 is holding well, volume is lower on consolidation. All good signs. Breakout above 0.725 will bring the bulls back in. At this present trend buying is possible at 0.61 the new support, otherwise it may be better to wait for breakout above 0.725.


3) RHB - Correction after such a strong breakout is expected. Support rests at 1.22 which is half way point of the breakout white candle. It should resume its uptrend as long as it remains above 1.22. A fall below 1.19 the recent high will not be good.


4) Utama - Correction after such a strong breakout is expected. Support rests at 1.14 (prior years support level) and more importantly at 1.11 which is half way point of the breakout white candle. It should resume its uptrend as long as it remains above 1.11. A fall below 1.11 will not be good.

5) Versatile - Healthy consolidation. Strong support remains at 0.875