BJToto has broken below its ST uptrend line

On October 6, I've highlighted that BJToto is about to test its short-term uptrend line at RM4.48 level (here). The stock did stage a re-bounce after testing the uptrend line and it went as high as RM4.64 on October 12. Since then, the rally could not sustain & the stock slid & broke through its short-term uptrend line yesterday (to close at RM4.48). Today, the selling continued & the stock lost 2 sen on a volume of 2.44 million units. BJToto needs to stage a recovery to stay above its short-term uptrend line within the next day or two, failing which the short-term uptrend line will be considered as broken. See Chart 1 below.

















Chart 1: BJToto's daily chart as at Oct 18

















Chart 2: BJToto's weekly chart as at Oct 18

From Chart 2, we can see that BJToto's medium-term uptrend line is still in tact as this uptrend line support is at RM4.18 (& rising).

Notwithstanding the above technical commentary, I would like to highlight my post dated October 17, where I've made my arguments that Magnum may outperform BJToto going forward. You may like to look at that piece & see whether you agree with my suggestion & arguments.