Zelan posts 4QFY14 profit of RM15.27m: Engineering and construction firm Zelan Bhd's net profit for its fourth quarter ended Dec 31, 2014 (4QFY14) fell 33.44% to RM15.27 million, from RM22.94 million a year ago. Revenue meanwhile, stood at RM86.86 million, rising 67.75% from RM51.78 million a year ago. However, it should be noted Zelan sold its shares in IJM Corp Bhd in the three months ended Dec 31, 2013, as part of its restructuring exercise to mend its deteriorating balance sheet. As Zelan had managed to resolve its dispute with Meena Holdings LLC to resume works for Meena Plaza in Abu Dhabi, the engineering firm made a turnaround, recording gross profit of RM9.04 million for 4QFY14. ~ 24 Feb 2015
Harmonic / Gartley pattern is based on Fibonacci ratio and normally used for forex trading without dividend and trading volume. It is applicable to the equity market when the structure of the pattern appears.
Your observations on ZELAN are exactly the same as mine.
Your ZELAN's chart pattern is technically correct.
Your ZELAN's chart setting is not dividend adjusted.
My FOC charting software cannot draw the point D so nice like yours.
ZELAN ~ Trading in an upward sloping channel
ZELAN closed with a black marubozu @ RM0.345 (-0.01, -2.8%) with 3.04m shares done on 8 Jun 2015.
Immediate support @ RM0.33, immediate resistance @ S$0.36.
The more you practise drawing your own charts, the better you are!
Your're right! Sino Grandness's Bearish Gartley Bat pattern is still valid. Compare Sino Grandness with ZELAN; the latter is +ve because it's still trading above the 4 MAs as at 5 Jun 2015. Watch the resistance @ RM0.395, the last high; once the share price shoots and sits firmly above it, ZELAN has potential to hit RM0.43 or point D.
Thank You very much Bro Zuolun.
(A) I practice and redraw the Gartley Pattern. a) Shift point D to a future date since it is a potential/future event. b) With Fibnonacci ratio indicated so beginner like me could read easily. (B) Trading Ideas~ I have long Zelan because: (i) Price above all 4 SMA and MACD cross Signal line. (ii) Chikou-span above kumo and above price. (iii) Price now above kumo and above Tenkan-Sen. I think I will add more if and when Kumo breakout and price above Kijun-Sen. As that mean the price is moving toward D to complete the projected Gartley Pattern.
Bro Zuolun, are the above technically correct or incorrect ?