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
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