Axiata- How high can the current rally go?

Axiata (formerly, TMI) has a good price run-up after making a low of RM1.45 on March 17. If one looked closely, one can see that a short-term uptrend has formed (with higher 'high' & higher 'low') but the medium-term downtrend is still intact. How would this stock perform over the next few days or weeks?

With the momentum on its side, I believe that Axiata is likely to attempt the recent 'high' of RM1.98 recorded on April 8. If a new 'high' can be achieved, then the developing short-term uptrend is still intact. The upcoming resistance levels are:
1. the psychological RM2.00 level;
2. the 'low' of RM2.06 recorded on February 3; and
3. the 100-day SMA line of RM2.15.

Despite the recent strength in Axiata's price rally, one must bear in mind that this stock is still in a medium-term downtrend. For example, Axiata's rebound in the past few months had always been capped by the trough of the preceding down-leg (T1, T2 & T3). Only on one occasion, that's on October 14, 2008 did a reaction 'high' of RM3.78 surpassed the trough of the preceding down-leg of RM3.71 (T2). Even so, the rally subsequently failed to go further. Can the current rebound (or, short-term uptrend) surpassed RM2.06 (the trough of the preceding down-leg, T1)? We will have to wait & see.


Chart: Axiata's daily chart as at 21/4/2009 (Source: Tradesignum.com)