Berjaya Sports Toto (1562)

Berjaya Sports Toto (1562)

Expect more retracement ahead…

♦ The share price of BjToto hit all-time high of RM5.50 in Feb 2008, but its upward momentum fizzled out thereafter, as the stock fell into a downward trend.

♦ The downtrend lasted until late Oct last year, when it touched a low of RM4.04, near an Uptrend Line support (UTL).

♦ The stock recovered thereafter, but it has been encountering strong resistance nearer to the RM4.80 level.

♦ Since early this week, the stock has been on a retreat after failing its third attempt to remove the RM4.80 level.

♦ Recorded with a third bearish candle in a row, coupled with the “double sell” signal on the momentum indicators, it is bound to see more retracement in the near term.

♦ We are looking at an immediate support at RM4.30, near the UTL to cap the short-term downside.

♦ Investors should also take note that losing the UTL will mean a derailment of its long-term uptrend, which has stayed intact since Apr 2001.

♦ Next lower support is at RM3.80.

Technical Readings:

♦ 10-day SMA: RM4.704

♦ 40-day SMA: RM4.672

♦ Support: IS = RM4.30 S1 = RM3.80 S2 = RM3.40

♦ Resistance: IR = RM4.80 R1 = RM5.00 R2 = RM5.40

Posted today == > Oil & Gas Sector Comparison Bursa Chat - News Highlights (05.03.2009)

If you like the post, please subscribe to Bursa Chat. We will send you the latest post by Email
===> Click Subscribe to Bursa Chat by Email



BACK TO CHAT BOX