Friday, July 15, 2011

SPSetia may have a bearish breakdown

SPSetia broke the psychological support at RM4.00 (which coincides with the 20-week SMA line) and its accelerated uptrend line (S1-S1) at RM3.90 today. The next support is at the horizontal line at RM3.75 & then at RM3.50.

With this double breakdown, SPSetia's uptrend is likely to be over and the stock is likely to trade sideway with a downward bias between RM3.50 & RM4.00 for the next few weeks or months.

Based strictly on technical analysis, you may want to reduce your position in this stock if there is no recovery above the RM4.00 level over the next 2-3 days.


Chart: SPSetia's weekly chart as at July 15, 2011_3.30pm (Source: Quickcharts)
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3 comments:

  1. PeterFriday, July 15, 2011 3:59:00 PM

    Alex,

    Can u comment on YSPSAH

    ReplyDelete
  2. AnonymousFriday, July 15, 2011 4:45:00 PM

    heroes share the same thought.

    http://lcchong.wordpress.com/2011/07/14/s-p-setia-berhadtechnical-updates-14-july-2011/

    ReplyDelete
  3. Alex LuMonday, July 18, 2011 10:56:00 AM

    Hi Peter

    I am not familiar with YSPSAH. Chartwise, it has broken its uptrend line and it is moving sideway, with a range of RM0.96-1.06.

    ReplyDelete