Disclaimer

Disclaimer - I'm too dumb to be an expert thus all the contents of this blog are just my random thoughts and may be incomplete or contain any informational errors. It is certainly not recommendation to buy or sell. You'll be responsible for your own decision. Please consult your investment consultants before making any investment decision. Also the author may or may not have position in the counters that mentioned in this blog.

Wednesday 13 August 2014

Sumatec - New high and how high it can go?


Chart : Sumatec daily chart as of Aug 13 2014 (source: ChartNexus)

Sumatec close at new high today at 0.54. The fortune of this PN 17 company (soon to be lifted) has been turn around with nothing short of a magic. From the almost worthless stock before the entry of Tan Sri Halim Saad till today, I have to say it is breathtaking just to look at the chart. It broke the horizontal resistance line at 52 sen yesterday and close just short of the historical intra-day high of 0.565. It is certainly not too far away. Personally, I feels that how high this counter can go is very much depends on how much story Tan Sri want to tell us. Assets injection, assets acquisition, technical collaboration or even merger & acquisition are all very interesting stories. Well I think only he knows how high it can go. For traders, it really test your guts to follow. Isn't it?
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