TChong- take profit

On October 3rd, I have recommended a BUY on TChong when it did a breakout above its medium-term downtrend line at RM1.50 (go here). In just a few short weeks, this stock has surpassed its all-time high of RM2.32 recorded in July 1999. It went on to chalk up a new high of RM2.50 on November 14. Given the uncertain market condition, I believe that this price might not be sustainable. Taking profit on this stock may be a good idea.


Chart: TChong's monthly chart as at November 19 (courtesy of Quickcharts)



Chart: TChong's daily chart as at November 19 (courtesy of Quickcharts)