AEON tested its immediate uptrend line

AEON has just tested its immediate uptrend line support of RM3.50. If this support failed, AEON's next support will be at the horizontal line of RM3.00-10. AEON's long-term uptrend line support is at RM1.80-2.00.


Chart: AEON's monthly chart as at Feb 17, 2009 (source: Quickcharts)

The drop in its share price ahead of the release of its 4Q2008 results (expected by this Friday) is not a good sign. Is the market anticipating a poorer set of results for 4Q2008. Investors will remember Parkson Retail Group Ltd's announcement of a lower same store sale ('SSS') growth for its China/HK operation on January 6th this year which sent the share price of the holding company, Parkson Holdings Bhd lower by RM0.70 the next day (go here).