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Thursday, March 3, 2011

OSK Research: Immediate resistance for Time dotCom at 82c (Edge)

OSK Research said Time dotCom’s share price has retraced to an important support situated at the 100-day MAV line.

It said on Thursday, March 3 that since its share price started rising from the low in May 2010, the stock has been able to find a new support floor at above the 100-day MAV line.

“As the stock has now retraced back to this line, there may be a chance for re-entry. Nevertheless, in view of the current weakness in the broader market, there is a possibility that this rising trend at above the 100-day MAV line might be violated this time too,” it said.

OSK Research said in its technical outlook for TdC share price that the 100-day MAV line is now situated at the 73 sen level.

“We have drawn a short-term downtrend line at above the 100-day MAV line so that we would know if a break above this downtrend line will signal a buy. However, a crack below the moving average line would also mean that TdC is at risk of retracing to the next strong support at the 200-day MAV line, which is now trading at the 63 sen level.

“Before the 200-day MAV line, there is support at the 68.5 sen level, while to the upside, immediate resistance lies at the 82 sen level, followed by the 89.5 sen level,” it said.

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