Sunday, January 16, 2011

Tan Chong Motor Holdings Bhd

Tan Chong Motor Hodings Bhd broke out of its down trend line on Thursday 13 Jan 2011 and it has managed to stay above the down trend for the Friday session.  This is a good sign.   The MACD indicator made a bullish crossover above its signal line indicating further strength may be possible.  On the GAMMA charts, you can see that the shorter term moving averages are beginning to swing up meaning that short term traders are starting to push the prices up.  The long term players have not joined in the party yet as shown by the longer term averages.  The RM5.26 level is acting as a resistance for further up move.    Support is at the down trend line and subsequently at RM4.94 level.

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