20050922 JetFM Technical Outlook

Technical Outlook ( 22/9/2005 ) by Jupiter Research
CI again confined in a tight trading range, it is searching for a catalyst to trigger a move. CI went up to an intraday high of 922.8 before settled at 922.57; but volume recorded for the day was at 512.49 million shares. CI is on its way up to test 930-level.
 
The market behavior showed that buyers and sellers were not so willing to create much new positions in their stock portfolios. Both parties wanted to wait for more leads before new commitment.
 
For Thursday market, Pivot Profit methodology indicates that the 1st and 2nd resistance levels will be 923.83 & 925.10; 1st and 2nd support levels will be 920.27 & 917.98.
 
Chart wise: CI may have closed only slightly higher; but, it did not seem to have given up yet, one still can expect some actions.
 
Technical wise: MACD still in negative territory. Directional Movement Index shows that +DMI is above the -DMI. On Stochastics indicator, both %K line & %D line is moving up towards the overbought zone.
 
Our stock recommendations for today are:
NasionCom Hldgs (Trading Buy) at RM0.185 with stop loss at RM0.15;
LFE Corp. (Trading Buy-Medium Risk) at RM0.405 with a stop loss at RM0.38.