MYR Shot up

My last entry on MYR noted a penant in the making and I mentioned that it is likely to make its move this week. Well, it did!


Fig 1 MYR vs SGD Weekly Chart

In fact, MYR Shot up on 13th May 2010 with a gap. This is 2 days after I change some of our money to this currency!

Okay, it is not that bad, because it shot up only by SGD0.01. I donno, if I change MYR1,000, I am paying SGD10 more. Changing MYR 10,000 would mean SGD100 more. If convert to stock market, this is a penny stock!

Anyway, with MYR moving up on it's penant, it also become apparent of a double bottom formation resulting in objective of SGD44.9158 per MYR100. It should stop some where round there and retrace back to around 42.50, forming the right shoulder of the reverse head and shoulder, if this is what it wants to do.