Wednesday, June 22, 2011

TChong- breaks above its downtrend line

TChong has broken above its downtrend line at RM4.50 yesterday. As at 10.07am this morning, TChong was trading at RM4.69 with volume traded of 1093 board lots. See the daily & weekly chart below. For more on its recent financail performance, go to my earlier post.



Chart 1: TChong's daily chart as at June 22, 2011_10.00am (Source: Quickcharts)



Chart 2: TChong's weekly chart as at June 22, 2011_10.00am (Source: Quickcharts)

Based on the above technical breakout, TChong could be staging a recovery soon. The stock could be a good medium-term investment. The good entry level is the 10 to 20-w SMA line at RM4.48-4.58.
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2 comments:

  1. AnonymousWednesday, June 22, 2011 11:03:00 AM

    Hi bro alex. please comment on IJMLAND. There will be a major corporate exercise soon which will see the IJMLAND price break record high. How IJMLAND technically ?? please analyse it asap !!! thx.

    ReplyDelete
  2. Alex LuWednesday, June 22, 2011 11:59:00 AM

    Hi wong

    The indicators have turned positive for IJMLAND. If it can break above the RM2.95-3.00 resistance, its uptrend may continue.

    ReplyDelete