IJM broke above its immediate downtrend line

IJM broke above its immediate downtrend line resistance at RM3.50. In addition, it has surpassed its December high of RM3.32 last Wednesday (Jan 7) and its 20-day SMA has cut above its 50-day SMA on Monday (Jan 12). With all these positive signs, I believe IJM could be testing the RM4.00 psychological level soon.


Chart: IJM's daily chart as at Jan 8, 2009 (source: Tradesignum.com)

IJM remained a good BUY for long-term investment.