Wednesday, October 26, 2011

Technical Analysis Oct 2011: ZELAN (2283)

Zelan Berhad

Observation from Chart:

ZELAN have been rebound from RM0.24 low to RM0.36 level. (+RM0.12 or +50%)

25 Oct 2011, it do retest RM0.36 level but unable break through.

Other indicator:-
MACD trade at positive region, uptrend sign.
Stochastic %K trigger SELL call but pending confirmation.

If retrace down, it might retest MA100 which is RM0.33 support level.
Subsequent support will be MA50 or RM0.30 level.

If able break through RM0.36 resistant, next resistant would be RM0.39 level.
Subsequent resistant will be RM0.43 or MA200 level.

Let watch closely for entry opportunity.

Pls buy at your own risk & consult your broker b4 make any buy or sell order!!!


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