The counter under review is AEON.
Malaysian Stock Market has done well this year with FBMKLCI overshooting 1500 level. With this high level it is getting more difficult to trade profitably as the risk factor gets bigger.. .
I have a look at AEON today and found that it started to trend up from 27th August 2010 starting a around 5.10 level. It went on to form a short-term double-top on 1st October 2010 and 6th October 2010 at 6.10. On 7th October 2010 a was big sell down, probably by a big investor. Since then it goes downtrend.
Checking with Fibonacci retracement at 50% the price is at 5.56. It has since pierced through and currently trading around 5.50. The next Fibonacci retracenment of 38.2% is at 5.43.
With this analysis I believe that it is now at bottom building stage. It may be a profitable move to accumulate at this level or lower and hopefully that it turn in a profit on selling at a higher level in one or two months from now.
This is my personal view and if you trade using my view I wish you best of luck.
Lee Huong Sing
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