In May, I posted that AAX's rally would fail if it could not surpass the downtrend line resistance. Today, we can see that AAX is again testing its downtrend line. This time, it looks like it has surpassed the downtrend line resistance at RM0.78-0.80. At the time of writing, AAX was at RM0.81.
Chart: AAX's daily chart as at July 21, 2014 (Source: Interachart)
Conclusion
Based on bullish technical breakout, AAX could be a good stock for a trading BUY. However, it is recommended that you calibrate your entry as AAX is still a loss-making concern.
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, AAX.
I concur
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