Mudajaya- flashing a possible high risk trading BUY

Mudajaya was heavily sold down over the past few days, due to allegation of improprieties in relation to its India power plant project. Go here.

Looking at the 30-min intraday chart, it looks like Mudajaya may have formed a bottom and is poised to stage a recovery. We can see the formation of a higher 'low' & a higher 'high'.

Based on this, Mudajaya could be a trading BUY. However, this is a high rick trade & you are strongly advised to set tight protective stop if you choose to venture into this stock.


Chart: Mudajaya's 30-min chart as at August 9, 2010_11.43 am (Cource: Quickcharts)