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Monday, April 4, 2011


Style has requested for the view of another counter MIDAS and here you go :

Although MIDAS has bottomed in Oct 2008, the rate of accent of the uptrend has been rather flat and there is a lot of sideways actions while trending gradually. Currently, prices are still below the 200MA and thus it is considered bearish. Latest prices have, however, found support for the 3rd time from the uptrend line. There is a good likelihood that prices will rebound from the trend line to retest the 200MA ( take note of the bullish divergence in RSI and a small invert head and shoulder pattern, both suggest short-term strength ).

To sum up, there is a fairly good chance where prices may advance to retest recent highs in the near-term. However, this is not a counter I will consider to add new position for mid to long-term trade because the uptrend line is too flat and there is too much sideways actions.

For trading purpose, it may be better off to look at the following counters ( except Synear and ChinaXLX, they are there because they are my pillow stocks ) :