Tanjong has a bullish breakout at RM16.00

Tanjong broke above its triangle formation at RM16.00 this morning (see Chart 1). It has also broke above its long-term downtrend line resistance at RM15.90-16.00 (see Chart 2). With this bullish breakout, I expect the stock to test its horizontal resistance at RM17.00 & RM18.50. Tanjong is now a trading BUY.


Chart 1: Tanjong's daily chart as at Nov 6, 2009_9.25am (Source: Quickcharts)


Chart 2: Tanjong's weekly chart as at Nov 6, 2009_9.25am (Source: Quickcharts)