MAS has broken above its intermediate downtrend line at RM0.75 a few days ago. It has now surpassed its horizontal resistance at RM0.78-0.80. With these double breakouts, it is poised to test its next resistance at the psychological RM1.00 mark.
Chart 1: MAS's daily chart as at April 10, 2013_9.30am (Source: Quickcharts)
Is this an uptrend as reported by the Star this morning? I am afraid it is too early to call for an uptrend. MAS is still in a long-term downtrend and the current move is a 'corrective' move within a long-term downtrend.
Chart 2: MAS's weekly chart as at April 10, 2013_9.30am (Source: Quickcharts)
Based on the above, you may choose to trade on this stock. Do exercise careful discretion in term of trading position and always maintain a protective stop. A break below RM0.78 should be a good protective stop.
Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, MAS.
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