Bursa Malaysia Stock Watch
Melewar may have a bullish breakout
kltrader
Publish date: Wed, 14 Apr 2010, 10:33 PM
kltrader
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Melewar broke above its strong horizontal resistance at RM0.75 on April 12. It followed up with a rise to a high of RM0.82 on April 13. Today, it came under selling pressure & dropped 2 sen to close at RM0.795. If the stock can remain above its breakout level of RM0.75, its upleg may continue when the market sentiment improves.
Chart 1: Melewar's daily chart as at April 14, 2010 (Source: Tradesignum)
Chart 2: Melewar's weekly chart as at April 14, 2010 (Source: Tradesignum)
Based on technical breakout, Melewar could be a good trading BUY.
Chart 1: Melewar's daily chart as at April 14, 2010 (Source: Tradesignum)
Chart 2: Melewar's weekly chart as at April 14, 2010 (Source: Tradesignum)
Based on technical breakout, Melewar could be a good trading BUY.
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