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Will history repeat itself? (version 2)
 
Malaysia

Proton
 

After a tremendous 3-month rally of 200% from its July 2009 low, profit-taking was seen as Proton tumbled 17% from its recent September 2009 high of RM4.60 with high volume and further correction cannot be ruled out. The MACD trend indicator had a bearish crossover below its signal line and the RSI oscillator had breached its diagonal support since June 2009 which suggests that downside momentum is building up. A violation below its immediate support at RM3.91 may trigger further downside pressure towards the next stronger support at RM3.20. However a move back above RM4.18 may negate the bearish tone and see a test towards the next resistance at RM4.60. 

 
 
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