Interesting Charts: Property

Can BNM curb the steep rise in property price? Money always flow to an asset that the investor/speculator thinks that he can make money. For Malaysian, it is either the stock market or property. Since so many people still remembers the 1997/1998 crash, the natural choice for people in that era is property. Is property a bubble? Well, do you know anyone that have to queue up overnight to buy a house? If the answer is no, then it is not in a bubble phase yet.

Anyhow, keep a look out at the property stocks, it could still run up due to the inflation expectation.

SPSetia Weekly Chart

SPSetia: Broke out from a triangle pattern, tested the breakout point and it seems that it is now going up again. If it can break 4.70, then the next resistance is at 5.20.

IJMLand Weekly Chart

IJMLand: Trapped in a flag pattern. A look at the weekly RSI indicates that it could soon break out from this pattern. Breakout point is 2.50.

IGB Weekly Chart

IGB: Looks like accumulation for the past 3 months. Could be making a move soon.

Glomac Weekly Chart

Glomac: The pattern is similar to SPSetia. Resistance is at around 1.65-1.75.

E&O Weekly Chart

E&O: Trying to breakout. Weekly RSI indicates that this is going to happen soon.

Disclosure: Long SPSetia, IJMLand and E&O.