Melewar(3778, Ind-Product) has dropped to a support level at 1.18.
It was 1.54 intra day high on Jan 3, 2008, which 47 days ago.
MACD buy signal is not yet out but at this level, the risk is low because recent low is 1.17.
If you were to buy at RM 1.18 for 50,000 shares and make an exit at RM 1.54, you will make RM 16,991.60. Your return will be 28.79%
Normally at the support level, people remember this price and will try to accumulate at this point.
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