This is a personal weblog, reflecting my personal views and not the views of anyone or any organization, which I may be affiliated to. All information provided here, including recommendations (if any), should be treated for informational purposes only. The author should not be held liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein.
Monday, January 15, 2007
Sunway has broken above its medium-term downtrend
Sunway had a very big move on last Friday when it gained 12.5 sen to close at RM0.57 (see Chart 1). This was followed by another big gain of 11.0 sen to RM0.68 at the close of this morning session. As a consequence, it has broken above its medium-term uptrend line at RM0.58. At the same time, it has also broken above its strong horizontal resistance at RM0.60 (see Chart 2). With these breakouts, Sunway is very likely to be on an upward movement going forward. Nevertheless, 2 days of big gain would be a deterrent to many who want to make an entry into this stock. If the stock comes under correction, I believe RM0.60 could be a good entry level for this stock.
Chart 1: Sunway's daily chart as at Jan 12
Chart 2: Sunway's weekly chart as at Jan 12
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