TM: Firm uptrend. It is clear that TM is outperforming the benchmark from the relative strength chart. Its relative strength line is making higher lows since November last year, and the line keeps moving higher even during the broad market Aug-Sep decline. The price trend is similarly positive as it is making higher lows too during this period and it is comfortably above its 200-day MAV line. The price has resumed its upward movement but it is facing resistance at RM4.27, the high of the “Gravestone Doji” of Wednesday. The resistance has to be broken to keep the upward bias intact and a break above the all-time intraday high of RM4.50 may see the price go as far as RM5.00. However, the trend may turn weak should the price close below RM3.98, the low of August and September, and support is expected at RM3.60, the high of 2010, retracing 50% of the 2009-2011 rally.
Guinness: Outperformer. This stock is also a star performer in the past year, where its relative strength line is on a continuous upward movement. Although weakness can be attributed to the failed test of resistance in July, the price is now back above the 200-day MAV line, possibly indicating a false breakdown in September. The price low in September is also higher than the February low. Purchase can be made at the current level on anticipation of a break above RM11.00, with a stop on close below the psychological RM10.00, which should see the price getting below the 200-day MAV line too. Based on the 10-month consolidation, the price may trade as high as RM13.00. However, should RM9.40 be broken, strong support is expected at RM8.30, retracing 50% of the 2010 rally with minor support at the February low of RM9.15.
TRC: Above August low. The stock has started to underperform the benchmark in mid-June and since August, it fell pretty much in line with FBM KLCI. Its longer-term trend is still up and the flattish relative strength line may well turn up. Although the price is still below the 200-day MAV line, the moving average line is still moving up. The price seems to have found support at above the RM0.54 level as it has yet to trade below the low of the positive candles created in early-August. Thus, purchase can be made at above the support level with a consecutive close below it as the stop. It may trade as high as RM0.64 which is situated not too far from the 200-day MAV line. The RM0.64 level is also the 50% retracement level of the June-August fall. Support is situated at the RM0.50 psychological level, followed by the prior low of RM0.45.
Guinness: Outperformer. This stock is also a star performer in the past year, where its relative strength line is on a continuous upward movement. Although weakness can be attributed to the failed test of resistance in July, the price is now back above the 200-day MAV line, possibly indicating a false breakdown in September. The price low in September is also higher than the February low. Purchase can be made at the current level on anticipation of a break above RM11.00, with a stop on close below the psychological RM10.00, which should see the price getting below the 200-day MAV line too. Based on the 10-month consolidation, the price may trade as high as RM13.00. However, should RM9.40 be broken, strong support is expected at RM8.30, retracing 50% of the 2010 rally with minor support at the February low of RM9.15.
TRC: Above August low. The stock has started to underperform the benchmark in mid-June and since August, it fell pretty much in line with FBM KLCI. Its longer-term trend is still up and the flattish relative strength line may well turn up. Although the price is still below the 200-day MAV line, the moving average line is still moving up. The price seems to have found support at above the RM0.54 level as it has yet to trade below the low of the positive candles created in early-August. Thus, purchase can be made at above the support level with a consecutive close below it as the stop. It may trade as high as RM0.64 which is situated not too far from the 200-day MAV line. The RM0.64 level is also the 50% retracement level of the June-August fall. Support is situated at the RM0.50 psychological level, followed by the prior low of RM0.45.
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