Eye on stock Saturday, 15 November 2014 By: K.M.LEE
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Eye on stock Saturday, 15 November 2014 By: K.M.LEE
Eye on stock
Saturday, 15 November 2014By: K.M.LEE
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I-BHD recovered from a near 10-month low of 62.5 sen on Oct 16 to a high of 80.5 sen on Nov 3 in the wake of renewed buying momentum.
Thereafter, profit-taking activity emerged and prices succumbed to pressure to retrace, pulling back to the 71-sen level in mid-week before bouncing off slightly amid fresh bargain hunting activity.
This stock hit a high of 76 sen during intra-day session before ending up 1 sen to 73.5 sen.
Based on the daily chart, I-Bhd remained in consolidation mode, but with investors’ making a gradual comeback, judging by the growing trading volumes, it looks like this stock has a fairly good chance of ending the recent correction phase and probably carving out a new leg of uptrend later.
A decisive penetration of the uppermost 100-day simple moving average of 90 sen means that the bulls are indeed on the way up. So, check that out.
Elsewhere, the oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum index were ticking up. It had issued a short-term buy at the grossly oversold area on Thursday. Likewise, the 14-day relative strength index retraced from a reading of 62 earlier this month to a low of 36 on Wednesday before curving up to settle at the 47-point level yesterday.
The daily moving average convergence/divergence histogram expanded positively against the daily signal line to keep the bullish note. It had issued a buy call late last month. Technically, all short-term indicators are painting a promising landscape, suggesting the shares are poised to strengthen and make a major breakthrough.
If successful, the next upper objective would be to fill the RM1.10-RM1.15 minor gap, followed by a re-test of the previous rally peak of RM1.32, of which a breakout may see prices heading towards the greater resistance RM1.47-RM1.50 band.
As for the downside, trailing exit is pegged at the recent lows of 62.5 sen.
The comments above do not represent a recommendation to buy or sell.
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Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
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