Tan Cheong Motor – Breaking out of the major downtrend line

Tan Cheong Motor is likely cementing its bullish reversal at the bottom and is likely to see a strong reversion to the upside. Especially it has broken out of the major downtrend line which started in 2013. Furthermore, the stock has seen buying pressure above the block of support between 0.460-0.625 and has broken out of the immediate overhead resistance (24 Jul -19 Sep 25).

Momentum is strong as modified mid-term Stochastic Oscillator is showing an oversold crossover. 23-period ROC is rising and has turned positive. Volume is expanding steadily, indicating strong bullish pressure. Ichimoku shows a strong two out of three bullish crossover.

Target is at 1.25.
Key major support is at 0.620 and 0.670.