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Stock Analysis with ChartNexus
 
Malaysia

WCT
 

In the recent quarter, the construction and building materials sector had benefited from a pick-up in new property launches and mega construction projects. WCT, being part of the construction and building materials sector benefited from this revival. The uptrend for WCT from its March 2009 low remains intact. Since hitting a high of RM2.86 on 4th August 2009, WCT is in a consolation phrase. However recent signals from indicators have turned positive, thus WCT is poised to resume its uptrend. The MACD histogram is displaying a series of greens and sloping upward towards the centerline coupled with the RSI oscillator trending above the 50% neutrality level suggests that bullish momentum is building up. A break above its immediate resistance at RM2.73 shall set up a push towards its next upside target at RM3.00. The next stronger classical resistance will be at RM3.25. However a violation below its immediate support at RM2.48 will negate the bullish tone to see a correction towards the next stronger classical support at RM2.14 which corresponds closely to its 100-day moving average and the 38.2% Fibonacci retracement from its March 2009 low to its recent August 2009 high.

 
 
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