With this double breakdown, SPSetia's uptrend is likely to be over and the stock is likely to trade sideway with a downward bias between RM3.50 & RM4.00 for the next few weeks or months.
Based strictly on technical analysis, you may want to reduce your position in this stock if there is no recovery above the RM4.00 level over the next 2-3 days.
Chart: SPSetia's weekly chart as at July 15, 2011_3.30pm (Source: Quickcharts)
3 comments:
Alex,
Can u comment on YSPSAH
heroes share the same thought.
http://lcchong.wordpress.com/2011/07/14/s-p-setia-berhadtechnical-updates-14-july-2011/
Hi Peter
I am not familiar with YSPSAH. Chartwise, it has broken its uptrend line and it is moving sideway, with a range of RM0.96-1.06.
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