Saturday, January 31, 2009

Resort World

Resort World is trading on a downtrend channel.

MACD indicator is almost in line with its signal line. If the stock is able to pierce above the downtrend line, MACD will make a crossover above its signal line. If that happens, there is a possibility of testing the pivot point at RM 2.46.

With Dow Jones Industrial Average down 148 points last night, Monday should see further weakness in Resort World. The next level of support is at RM 2.15 level.

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