Chart 1: Mesdaq’s daily chart as at Nov 30
Chart 2: MTouche’s daily chart as at Nov 30
Chart 3: Green Packet’s daily chart as at Nov 30
Friday, December 01, 2006
Mesdaq may test its short-term uptrend line
Mesdaq has been drifting since mid-November from a high of 120.5 to 118.12 yesterday. From Chart 1 below, we can see that the uptrend line support is at 116.5 level, which is also a strong horizontal support level. Recovery from this level is far from assured despite the current bullish market sentiment. Two things must be noted. Firstly, Mesdaq's daily MACD has hooked down, which is a SELL signal. Secondly, the two stocks that have greatest impact on Mesdaq i.e. Green Packet & MTouche have been sliding in the past 2 weeks. From Chart 2 & 3 below, you can see that Green Packet (closed at RM4.56 yesterday) may test its short-term uptrend line support at RM4.40 while MTouche (closed at RM5.70 yesterday) had broken below its long-term uptrend line support at the RM5.70 level before recovery, yesterday. If both stocks were to break their uptrend line supports, we are likely to see the same thing happening for Mesdaq.
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3 comments:
Hi Alex,
from my view on Gpacket , Mtoucher and OSK VI will be extended its high in coming months to above RM5 , and N2N will be at least RM3 , all prices is projected by my system.
Hi Sagil,
There is a good chance that you maybe right. A trending stock is more likely to stay in its prevailing trend until it is broken. On closer reading, my posts on Mesdaq, Green Packet & MTouche maybe a tad negative. Let's wait & see.
Hi Alex,
Gpacket on 7/12/06 low at RM4.10 , in my TA view , Gpacket is reverse its gear from downtrend to uptrend , i will expect to see Gpacket above Rm5 in next 3 to 4 weeks. may be i am wrong, just wait and see.
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