One of the first stock that managed to break above its medium-term downtrend line is Resorts. From Chart 1 below, we can see that Resorts had broken above that downtrend line at the RM2.50 level & closed at RM2.61, yesterday. It gained another 9 sen to close at RM2.70 today. Since the stock has gained nearly 50 sen over 4 days, it would be advisable to nibble slowly or maybe buying only on pullback to the downtrend line (say, at RM2.50).
Chart 1: Resorts' daily chart as at November 3, 2008 (source: Tradesignum.com)You may also like to watch out for Sime. Its share price has come up to its medium-term downtrend line, waiting for a breakout. The breakout level is at RM6.40. Sime shareholders will be entitled to receive a bumper dividend of 44 sen on November 24, 2008.
Chart 2: Sime's daily chart as at November 3, 2008 (source: Tradesignum.com)
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