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Saturday, January 22, 2011

Steel Counters look interesting

Lets talk about Steel because this counter is a bull sector since Najib announce on the 36 Bil MRT project..

1) Trendline - Still above the trend line and rebounded on the support line at 12.2 and pull back above the uptrend line .
2) HH - Waiting for confirmation on Monday for the Higher Low , if rebound and closed higher 12.2 will be the new Higher low
3) MACD - Still showing bullish and wait for 4R1G for more bullish attack
4) RSI - Retracing towards 70% and waiting confirmation on monday. If closed higher , we will see a strong rebound above 70%
5) ADX - Strong Momentum but with slight bearish signal.

Observe on Monday, if close higher there will be another bull run above the uptrend which is time to accumulate but if break the uptrend line and hit below 12.2 it will be time to take some profit and wait for the next support at 12

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