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 reached a significant major weekly Wave 4 low at RM4.30 in late November 2011 with grossly oversold and bullish chart signals. Due to most of its positive indicators, it is likely to surge to its obvious upside Wave 3 and 5 targets (of RM5.17 and RM5.42) and resistance levels above.
SHORT-TERM BUY (TECHNICAL) on dips for ORIENT, with stop-loss at RM4.48.
The weekly indicators (like the CCI, DMI, MACD and Stochastic) are firmly positive and now depict the fine indications of ORIENT’s prolonged price strength. We expect ORIENT to remain very firm on any weakness (or retracement) to its support levels of RM4.50 and RM4.88. It will attract some minor selling at the key resistance levels of RM5.07 and RM5.48. Our technical upside targets for ORIENT are RM5.17 and RM5.42. Its stop-loss level is at RM4.48.
(Information from MBB)
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