Oriental Holdings Berhad (ORIENT) is an investment holding company whose subsidiaries distribute and assemble motor vehicles, manufacture motor cycles and bicycle components. It also develops properties, processes rubber and oil palm, sells concrete products, electrical components, and motor parts.
ORIENT made a major daily Wave 5 low of RM4.30 on 21 October 2011, with oversold and bullish divergent signals. Furthermore, all its positive indicators are very supportive of much further upside. We feel that ORIENT will surge in the period mentioned above.
SHORT-TERM BUY (TECHNICAL) on retracement (to RM4.73 and RM4.83) for ORIENT with its firm support areas of RM4.50 and RM4.85. The potential Wave 3 & 5 upside target areas is located at RM5.15, RM5.25 and RM5.50. Stop-loss is at RM4.48.
FBM KLCI: Key Points
- ORIENT – Beginning of a large surge
- FBMKLCI – “Gap-filling” completed
- Obvious supports of 1,465 & 1,482
- 1,484 & 1,503 will cap the rebounds
Some trading stocks that we like are: AEONCR, AFG,
ARMADA, AXIATA, BSTEAD, CARLSBG, CBIP, CIMB,
GAMUDA, GENP, KFIMA, KPJ, LIONIND, LONBISC,
ORIENT, RSAWIT, TM and UEMLAND.
(Information from MBB)
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