Midas is currently on a confirmed uptrend after rebounding from a Double Bottom (a trend reversal chart pattern). Midas is trading inside a Higher High, Higher Low, uptrend channel, and also above 20D, 50D and 200D SMA. However, Midas is over value base on PE ratio and PEG valuation. Midas is good for a bullish short term trade where there is a pull back near uptrend channel support.

Check out definition of PE & PEG valuation here.

Backgound:

Founded in 2000, Midas is today a leading manufacturer of aluminium alloy extrusion products and PE pipes, primarily for the transportation and infrastructure sectors in the PRC. The Group operates three business divisions; namely, Aluminium Alloy, PE Pipe and Agency and Procurement. Midas is the only PRC certified supplier to the world?s largest train manufacturers, ALSTOM SA, Siemens and Changchun Bombardier. The Group’s customers include a number of MNCs and PRC state-owned companies.

Key Statistics for MIDAS