KUALA LUMPUR: OSK Research said Proton is breaking down from the crucial support level at RM4.23, where the stock had previously tried to build a floor during the May-July 2010 period.
In its technical outlook on Tuesday, Feb 22, it said that after the RM4.23 level is violated, the next strong support cannot be found until the RM3.55 level.
'Hence, unless the stock can rebound back above RM4.23 soon to prove that yesterday's breakdown was a fake violation, its share price might eventually retrace to the RM3.55 level. Immediate support is seen at RM4.05 level, followed by the RM3.68 level,' it said.
'To the upside, there is immediate resistance at the RM4.05 level, followed by the RM4.23 level, and the RM4.60 level. The immediate technical outlook of Proton shifted to bearish after it violated the RM4.23 level,' it said.
In its technical outlook on Tuesday, Feb 22, it said that after the RM4.23 level is violated, the next strong support cannot be found until the RM3.55 level.
'Hence, unless the stock can rebound back above RM4.23 soon to prove that yesterday's breakdown was a fake violation, its share price might eventually retrace to the RM3.55 level. Immediate support is seen at RM4.05 level, followed by the RM3.68 level,' it said.
'To the upside, there is immediate resistance at the RM4.05 level, followed by the RM4.23 level, and the RM4.60 level. The immediate technical outlook of Proton shifted to bearish after it violated the RM4.23 level,' it said.
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