Based on this technical breakdown, IJM's uptrend is over & the stock is likely to drift lower. As such, it is advisable to reduce our position in this stock.
Chart: IJM's weekly chart as at Sept 12, 2011 (Source: Tradesignum)
Tuesday, September 13, 2011
IJM broke its long-term uptrend line
In May, we have noted that IJM was exhibiting some technical weakness as it tested its long-term uptrend line at RM6.00 (here). I have commented that if the share price were to drop below the RM6.00 level, the technical outlook would turn bearish. IJM has however rebounded in May & went to a high of RM6.50 in July. In early August, IJM broke its long-term uptrend line at RM6.25. It is now hanging onto its horizontal support of RM5.70.
Based on this technical breakdown, IJM's uptrend is over & the stock is likely to drift lower. As such, it is advisable to reduce our position in this stock.
Chart: IJM's weekly chart as at Sept 12, 2011 (Source: Tradesignum)
Based on this technical breakdown, IJM's uptrend is over & the stock is likely to drift lower. As such, it is advisable to reduce our position in this stock.
Chart: IJM's weekly chart as at Sept 12, 2011 (Source: Tradesignum)
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