Malaysia Steelworks (KL) Bhd plans private placement of up to 50 sen,

This is the main reason why Masteel follow SPsetia plunging down yesterday with private placement. Look at the bright side that they more money for more expansion maybe to cater KL and SINGAPORE MRT project..

Observation
1) Trend - Broke the trend line and support at 1.32 and 1.28
2) HH - Formed higher high at 1.44 and retracing and rebound on the 1.32 support line
3) MACD - Postive but showing 4G1R - time to take some profit and let it retrace first then accumulate during reversal
4) RSI - Overbought and now retracing back to 77% - high chances to see a rebound at 70% if this stock looking for a reversal to bullish
5) ADX - MOmentum is still high at 50

Conclusion, with the private placement of 50cents , mostly like it will drop around 40 ~70 cents before it might make a come for a second wave of bull run..

Take profit now and wait for reversal at 1.32 or 1.28 with