Tuesday, August 31, 2010

QSR In Healthy Pullback

QSR had a good run after breaking through the trading band between RM3.0 and RM3.70. The share price looks to be hitting resistance with the price chart forming a double top pattern. The moving average is still showing an intact uptrend, with the price firmly above its 50 day moving average. The +DI is still above –DI with ADX pulling back after a strong up move. This suggests that price in the short term will most likely weaken but that is to be expected after a strong move. The 2 day RSI is on its way to oversold levels. MACD indicator looks to be going flat. Support level is at RM4.00 level and resistance is at recent high of RM4.60.

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