Mudajaya broke its strong horizontal support at RM2.40

Mudajaya has just broken below its strong horizontal support of RM2.40. As at 12.00pm, it is trading at RM2.32. Unless a quick recovery occurs, Mudajaya will continue to slide lower. Its immediate support is at the psychological RM2.00 level. Thereafter, it may see support at the potential uptrend line support at RM1.80-1.90 and then at the horizontal line at RM1.50. See the two weekly charts below.


Chart 1: Mudajaya's weekly chart as at Sept 14, 2011_11.30am (Source: Quickcharts)



Chart 2: Mudajaya's weekly chart as at Sept 1, 2011_plotted on log scale (Source: Tradesignum)