Yesterday, the Mesdaq had one of its worst days when 2 of its outstanding performers i.e. Iris & Mobif came down sharply. Iris, the rise of which epitomizes the rise of the Mesdaq in the past 6 months, continues its steady decent after making its double top at RM1.39 on July 13. Yesterday, Iris dropped 9 sen or 25% to 26.5 sen (see Chart 1 below). Mobif has dropped by an even bigger margin of 51% or RM1.83 to RM1.77 yesterday (see Chart 2 below). Unlike Iris, Mobif’s drop yesterday was its first day of selldown and its shareholders will likely to have many more anxious days ahead.
Chart 1: Iris' daily chart as at August 17
Chart 2: Mobif' daily chart as at August 17How did these affect the Mesdaq? From Chart 3 below, you can see that Mesdaq is now nearing its uptrend line support of 113. A break below 113 would signal further consolidation ahead. At lower level, horizontal supports can be seen at 111, 104 & 100.
Chart 3: Mesdaq' daily chart as at August 17
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