As at 3.30 pm, Bursa was trading at RM10.50. This means that Bursa has dropped about 40 sen from yesterday's closing price. Looking at the weekly chart below, we can see that Bursa's immediate horizontal support is at RM10.50, with the next support expected at the psychological RM10.00 level. If these supports are violated, then Bursa might test its long-term uptrend line support at RM9.70. Bursa was trading as high as RM16.30 in January this year.
I believe Bursa could be a good Trading Buy at either the RM10.00 psychological level or at the uptrend line support of RM9.70. If you do go for this trade, be sure to set a stop loss, say at RM9.50 in case the trade goes against you.
Chart: Bursa's weekly chart as at March 3, 2008 (courtesy of Quickcharts)
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