Monday, October 24, 2011

Timecom may have a bullish breakout

Timecom has broken above its downtrend line at RM0.53 on October 12. After a consolidation of 6 days between RM0.57 & RM0.60, the stock is again moving higher today. It has since broken above the horizontal resistance at RM0.60. Its next resistance is at RM0.615. Thereafter, it may test higher resistance at RM0.67 & RM0.75.

Timecom dropped from its high of RM0.955 on April 26 to a recent low of RM0.415 on September 26. At the current price of RM0.61, the stock has recouped 36% of its lost ground.

Based on technical breakout, Timecom could be a good stock for trading BUY.


Chart: Timecom's daily chart as at Oct 24, 2011_10.00am (Source: Quickcharts)
at

1 comment:

  1. AlexPMonday, October 24, 2011 10:52:00 AM

    Hi Alex,

    What do you think of TAGB at RM 0.30? It's profits have been up significantly for 2 quarters already. Thanks.

    ReplyDelete