Recall that we highlighted DIALOG last Thursday (9 May @ RM2.65) when the share price experienced a gap up and breakout from the “Symmetrical Triangle” chart pattern. In less than a week, the share price had risen to an intraday high of RM2.81 (+11.1%) on Tuesday . However, DIALOG has now formed a bearish “Evening Doji” candlestick pattern, which suggests that a bearish reversal is underway. In fact, the share price slipped by 6 sen to close at RM2.73 yesterday, and this gives us added confirmation that the bears are now in control. Indicator-wise, both the 14-day Stochastic and the RSI are also heavily overbought. As such, we suggest that traders consider taking some money off the table for now, and perhaps re-enter at a lower price, say in the RM2.50 region.
Source: Kenanga
nazriwbw80
Wrong forecast....
2013-05-20 20:47