Benalec
A Downtrend Continuation? (Benalec Holdings, 5190.kl)Observation (12/4):
Benalec Holdings is one of the construction Companies that is involved in the newly revised ECRL project. Although the price may seem cheap for "investing", we can see that the stock has been on a Downtrend for a long time. Based on analysis at the following Pointer:
A) Price close higher than the last high with ultra high volume. However, price close lower than the previous high.
B) Price tries to move above the high in A but failed. It end up closing on the low. Volume is ultra high as well.
C) Price again tried to move above the high in B but not able to reach it. It closes lower than B.
Conclusion:
As prices high and its closing price keeps going lower, we can interpret it as SM still has no intention to move the price higher. The next few bars is crucial to confirm our interpretation. If it continues to close lower, more downside coming soon; if it moves sideways, there is possibility it will move up.
