Tuesday, June 26, 2012

Mewah (technical)

Mewah: stock is +3.8% at $0.415, on gd volume. The stock appears to have made a bottom in early Jun at $0.38, and has bounced nicely off the support. Share price is now just beneath the pivotal $0.42 resistance (coincides with the 50day MA). The stock is a potential bullish break out play on a successful close above this level, supported by the above neutral and rising RSI, as well as recent positive cross over of the MACD. Recent news flow in early Jun, that the Minister of Plantation Industries & Commodities Bernard Dompok will soon present a plan to the govt that will include changes in tax structure on palm oil. Recall Msian palm oil refiners have been hit increased competition from Indonesia after the latter reduced taxes in October to boost exports of processed oil.

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