Media- has a bullish breakout

Media broke to the upside of its ascending triangle at RM2.90-2.92 last Friday (see Chart 1). This morning, it broke above its June 2007 high of RM2.99.Based on these double breakout, Media's near-term technical outlook is deemed bullish. Its potential target is the resistance from the "parallel line" at RM3.30-3.40 to its long-term uptrend line (see Chart 2).

Based on the above, Media could be a good trading BUY.


Chart 1: Media's daily chart as at August 1, 2011_11.50am (Source: Quickcharts)



Chart 2: Media's weekly chart as at August 1, 2011_11.50am (Source: Quickcharts)