Evergreen may have broken above its downtrend line

Evergreen has been dropping since making a recent high of RM2.07 on October 5th to hit a recent low of RM1.21 on March 10th. Its all-time high was RM2.16, achieved in May last year.

In the past few weeks, Evergreen has been range-bound between RM1.25 and RM1.35. Today, it appears that it has broken above the downtrend line at RM1.30. This should confirm the end of Evergreen's downtrend. If it can break above the RM1.35 level, the stock's recovery could commence. As at 3.05 pm, the stock was trading at RM1.32.


Chart: Evergreen's daily chart as at April 14, 2008 (courtesy of Quickcharts)

For more on Evergreen, please go here.