Gamuda has just tested its ST uptrend

Gamuda has tested its current short term uptrend line at the RM3.75/80 level today. It dropped to a low of RM3.76 before closing at RM3.80 at the end of today's trading (see the Chart 1 below).

It is interesting to note that Gamuda is in a fairly similar position today as it was on May 16 when it hit the then uptrend line at RM3.96 & re-bounded. But, 2 days later, it broke below that earlier uptrend line & slide all the way to a low of RM3.02 on June 14. This may not be a likely scenario today given the many projects that have been bandied about under the 9MP. Nevertheless, it is fairly important that the share price does not break below the current uptrend line at RM3.75/80 anytime soon.


















Chart: Gamuda's daily chart as at Sep 8

Also, take a look at the weekly chart below i.e. Chart 2.

















Chart 2: Gamuda's weekly chart as at Sep 8