Nov 08 2006
It seems MBSB ( Malaysia Building Society Berhad : stockcode 1171) which FinanceTwitter highlighted yesterday behaves very well today. Too well indeed that it skyrocket and pushed itself breaching the resistance of RM 0.885 (recorded on 10-Jan-2005) to settle at all-time high of RM 0.97 since 2002. 
It didn’t consolidate to RM 0.74 (my comfort level). Nevertheless based on today’s price pattern, it has entered it’s bullish form. Ratio for today is 717 Bulls : zero Bears.From the day’s price chart, one can see the price spike during the last 30 minutes before closing (with very high volume). It simply form a support at RM 0.885 and never look back.
With the latest financial news concerning Democrats swept Republicans from power in the U.S. , Bursa Malaysia will most likely take the cue from today’s Dow Jones closing to set the pattern for tomorrow’s direction. Should Dow Jones close moderately lower today, I would assume Bursa Malaysia bullishness shall continue but I expect some profit-taking to comes in, which is healthy.
Anyway for those brave-heart who took position investing MBSB stock today, he/she should be laughing all the way to the bank (provided he/she lock-in profit of course) counting the money.
Related Links : Malaysia Building Society Berhad
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November 8th, 2006 by financetwitter
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