The “shooting star” candle suggests a mild pullback this week. After confirming its downtrend in Nov 2009, when it lost the important level of RM0.82, the share price of Zelan continued to move lower in several months ahead. The downtrend only reversed following touching a low of RM0.445 in May 2010. It built a base near RM0.50 in Jun – Jul 2010, before kicking off a technical recovery leg. The stock accelerated its upside in early Aug 2010, before settling down for a consolidation trend in recent sessions. It closed at RM0.74 on Friday, with a mild “shooting star” candle on the chart, suggesting a mild pullback likely this week.
Zelan Berhad : Overall Recovery Trend Remains Intact… - 16/08/2010
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