Written by OSK Research
Friday, 09 April 2010 08:52
KUALA LUMPUR: OSK Research says YNH PROPERTY BHD []’s share price has risen rather sharply over the last two sessions. However, the price action did not alter the stock’s bearish technical landscape.
It said on Friday, April 9 there is a possibility that YNH could be constructing a mid-term downtrend line and failure to break above the 200-day MAV line would likely complete the third point of the downtrend line.
“We shall see if the stock can break above the 200- day MAV line, which is now situated at the RM1.72 level. A break above this moving average line would trigger a buy signal as the breakout would likely write off the possibility of constructing a longer-term downtrend.
OSK Research said if not, look out for an extension of a downtrend. At above the 200-day MAV line, look for the RM1.88 level as the next resistance. To the downside, initial support lies at the RM1.66 level, followed by the RM1.60 and RM1.53 levels.