Axiata may have broken above its medium-term downtrend

Axiata has been moving up in a short-term uptrend line after rebounding off a double bottom reversal pattern in the end of March. This short-term uptrend has overcome the 100-day SMA of RM2.10 on Friday & this morning it has even overcome the medium-term downtrend line where the resistance is at RM2.20. With this double breakout, I believe that Axiata's present uptrend will likely to continue. However, it should be noted that the volume has been declining as the share price moved higher- which is a bearish divergence.


Chart: Axiata's daily chart as at 30/4/2009 (Source: Tradesignum.com)

For details of Axiata's recent financial performance & financial position, check out my earlier post (here).