Tanjong is testing its medium-term uptrend line

Tanjong plc has just tested its medium-term uptrend line support at RM16.60 and rebounded to close at RM16.80 today. Further test of this uptrend line is possible. If the uptrend line is not violated, this could be a good entry to a solid stock, which is trading at a PE of 12.7 times its trailing 4 quarters' EPS of 133 sen as well as paying a gross dividend of 86 sen (thus, giving a yield of 5.1%).


Chart: Tanjong's weekly chart as at November 2 (courtesy of Quickcharts)