RHB & Supermax

RHB has formed a Doji at a strong resistance level at 1.32. If tomorrow it opens below & stays below 1.31 then it will confirm the evening star & a reversal of the uptrend. Support is at 1.15. RHB is thus in negative mode.


Supermax on the other hand is looking good. It bounced nicely off a long term support at 2.67 with a nice hammer candlestick. It is also in the upper channel of the Bollinger Band. We may see a couple of days of flat moves but it is likely to continue up after that. MACD Histogram is also looking positive. Only concern is that Vol is not rising as much. Resistance at 3.14 & 3.52. If it can breach that then stronger resistance is at 3.96.

Ordinarily this would rate a buy after 1 or 2 days of some correction but the coup in Thailand & the Aeneas/Priam investigation may create some tension in the market, so it may be better to hold off buying until those issues resolve themselves (at least the coup issue anyway).