Technically, it is not looking good for PERMAJU as its 20-Day Moving Average is sloping downward and its price action is below the Moving Average line. In addition, the price is trading near its resistance of 0.285. The RSI indicator is giving a reading in the oversold region. While this is expected given the recent bearish movement, it also gives a warning that the current movement may not be extended especially given that the resistance of 0.285 is broken.
An important development took place on 11 February 2014 where the price of PERMAJU broke the resistance of 0.285. This breakout was accompanied by a higher than average traded volume which shows the enthusiasm of the traders to push the price higher and past this resistance hence giving a higher probability of a successful breakout.
PERMAJU is trading at its resistance of 0.3. It is important to monitor the price volume action near this 0.3 level to determine whether a breakout will take place.
Yes Asriruslan, technically it is on the way up and it only lacks volume. 1st resistance to cross is 33.5c and then if volume picks up it can reach 40c based on Fibonacci retracement of 50%. Cheers and all the best to those who are already in.
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Posted by Marcus Beh > 2014-02-03 08:53 | Report Abuse
Huat ar