TIME dotCom Bhd (RM0.695 @ 6/7/11) - OSK

TIME dotCom’s technical landscape has deteriorated further since our previous update on 2 June. In the analysis, we warned of a potential major breakdown at the 100-day MAV line as the stock was struggling to hold this level. The stock eventually fell below the moving average line which had supported its uptrend for about 9 months. After the breakdown occurred, its share price descended quickly, causing the stock to stage another major breakdown at the 200-day MAV line on 21 June 2011. It is now struggling to hold up the low of the day or the RM0.675 level. This is another critical support for the stock and a break below this level will trigger a third major breakdown. Should the RM0.675 level be taken out, look for the RM0.615 level as the next support. The near-term technical outlook of TIME dotCom remains firmly bearish until it cracks above the short-term downtrend line. To the upside, look for an immediate resistance at the 200-day MAV line followed by the 100-day MAV line which is currently situated at the RM0.819 level.