Tanjong PLC ~ Drop… Drop… Drop…

Tanjong (2267) at Take Profit based on charts with downside targets at RM17.33, then RM16.28. Tanjong recently made a weekly Wave 5 high of RM19.12 with grossly overbought, bearish divergent signals. On upside, resistance eyed at RM17.80, then MYR19.12.

Well… This is the technical view from Maybank Investment Bank.

Tanjong PLC last 4 months stock price

Tanjong PLC stock price dropped below the price ~ RM17.74 at Tanjong latest financial report. Tanjong PLC 12 months target price from OSK Research ~ RM18.60 (14/12/09), Maybank Research ~ RM19.10 (25/03/10) and S&P ~ RM20.00 (25/03/10).

Will Tanjong PLC continue to drop until RM16.28? If it does, that will be a very attractive price to dive in again.