Friday, June 29, 2007
Perisai looks interesting. Depending on how you draw the downtrend line (weekly chart above), you could interpret it as the downtrend line has been broken or maybe not. A look at the RSI shows that the weekly downtrend RSI has been broken (no ambiguity here). Furthermore, the RSI value is in the 60s. I interpret this as bullish development. Most probably the 27 months of consolidation is over.
The daily chart shows that it is overbought but the RSI has been able to make a higher high. Possible pullback should be expected as indicated by the long shadow candle.