JTiasa has broken above its intermediate downtrend line, RR at RM1.33 three weeks ago. It attempted to rally - without success - as it was unable to overcome the horizontal line at RM1.37-1.39. Today, it managed to charge above this resistance. As at 12.15pm, it was trading at RM1.41.
If JTiasa can stay above the RM1.40 mark, its next upleg could begin. Its next resistance at RM1.75 could be the target if the stock breaks into a rally.
Chart 1: JTiasa's weekly chart as at Dec 31, 2015 (Source: Interachart.com.com)
Another Sarawakian timber-cum-plantation company which had done very well in the past 3 months is Ta Ann. From the chart below, we can see that it broke above its intermediate downtrend line, RR at RM3.70 in mid-October last year and rallied to test and eventually break above the horizontal line at RM4.50. Ta Ann could potentially hit the 1-for-1 target of RM5.60.
Chart 2: TaAnn's weekly chart as at Dec 31, 2015 (Source: Interachart.com.com)
Based on the above, I believe that JTiasa could be a good trading BUY.
Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, JTiasa.
JTIASA (4383) - JTiasa: Possible breakout
http://nexttrade.blogspot.my/2016/01/jtiasa-possible-breakout.html
