This is a personal weblog, reflecting my personal views and not the views of anyone or any organization, which I may be affiliated to. All information provided here, including recommendations (if any), should be treated for informational purposes only. The author should not be held liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein.
Wednesday, April 10, 2013
MAS- taking flight?
MAS has broken above its intermediate downtrend line at RM0.75 a few days ago. It has now surpassed its horizontal resistance at RM0.78-0.80. With these double breakouts, it is poised to test its next resistance at the psychological RM1.00 mark.
Chart 1: MAS's daily chart as at April 10, 2013_9.30am (Source: Quickcharts)
Is this an uptrend as reported by the Star this morning? I am afraid it is too early to call for an uptrend. MAS is still in a long-term downtrend and the current move is a 'corrective' move within a long-term downtrend.
Chart 2: MAS's weekly chart as at April 10, 2013_9.30am (Source: Quickcharts)
Based on the above, you may choose to trade on this stock. Do exercise careful discretion in term of trading position and always maintain a protective stop. A break below RM0.78 should be a good protective stop.
Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, MAS.
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