What a ride? Mudajaya shot up to test its short-term downtrend line resistance at RM4.70. Though it failed to break to the upside of that downtrend line (RR), it kept trying until the start of the afternoon session today. The bears took over & pushed the bulls back into the barn. Tomorrow will be a critical day for this stock. Can it stage a rebound off the short-term uptrend line (SS) at RM4.20? A break below that level would send this stock back to RM4.00 or the horizontal line of RM3.90.


Chart: Mudajaya's 30-min chart as at August 11, 2010_5.00pm (Source: Quickcharts)

I will not be posting further update on this stock. I must stir players away from risky trades such as this one.