Since mid-June 2013, TIME has been trapped in a downtrend channel. Yesterday, TIME rose 2 sen (+7.41%) to break out from its channel resistance to settle at RM0.29 with strong trading volume. The short-term trend for TIME is bullish as the share price is currently trading above all the short, mid and long term SMA levels. With its strong trading volume, key indicators like MACD and RSI are also positive to support a bullish uptrend ahead. We believe that the trend probability is firmly biased to the upside, thus buying-interest may rally the share price towards its next resistance level of RM0.31 (R1) and possibly RM0.33 (R2) in the next few weeks. Meanwhile, we suggest traders to employ a strict stop-loss 3 bid below the stock’s new resistance-turned-support level of RM0.285 at RM0.25.

 

Source: Kenanga