In July, Zelan experienced a major breakout when the stock violated its 12-month downtrend line. The stock’s share price had been on an uptrend since taking out the downtrend line. Nevertheless, its share price started to retrace in early November and in doing so it had indeed violated the shortterm uptrend line. Selling momentum on the stock had even increased recently at below the shortterm uptrend line. There is a possibility that its share price might retrace towards the strong RM0.445 support level, although an initial support is detected at the RM0.495 level. From the current level, immediate resistance lies at the RM0.59 level, followed by the RM0.65 level. Both the near-term and mid-term technical outlooks of the stock are now aligned with bearish bias.
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2 comments
It's a SELL.
No two ways about it.
CK
FA point of view, SELL. I wont even touch her.
TA point of view, SELL. In fact, cut-loss triggered when it break strong support.
TEH