Berjaya Sports Toto Bhd: Still Stuck in Long-term Sideways Trend

From analyzing Berjaya Sports Toto’s (BST) quarterly chart, it is clear that the stock has been stuck at the RM3.77-RM5.18 trading range since 2007. As the stock is now trading around the middle of this identified range, we do not currently see any great trading opportunities. BST’s long-term technical outlook will remain firmly neutral until either the RM3.77 level or RM5.18 level is violated.


We can clearly assess BST’s current technical landscape by analyzing its quarterly chart. As can be seen from the above chart, the stock has been trending sideways since 2007. As a matter of fact, it is actually still consolidating the strong gains recorded in 2Q 2007.

Based on the identified trading zone ranging from RM3.77 to RM5.18, BST’s long-term technical outlook will remain firmly neutral until either one of these two levels is violated. Since the stock is now trading near the middle point of the trading range, we do not see any great trading opportunities. The long-term sideways trend aside, its share price has indeed become less volatile since 2007 and is likely to stay this way until at least either the RM3.77 or RM5.18 levels are taken out.

Within this sideways trading zone, immediate resistance is detected at the RM4.67 level, followed by the RM5.00 level, while initial support is found at the RM3.98 level.

Source: OSK