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NewsEye on stock BY K.M.LEE
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Eye on stock BY K.M.LEE
by Cals Mon 23 May 2016, 00:56
Saturday, 21 May 2016
BONIA Corp Bhd (Bonia, code 9288) shares established an all-time high of RM1.53 on July 21, 2014 following a massive rally.
Thereafter, in the wake of profit-taking, the stock succumbed to pressure and slipped into correction mode but what appeared to be a typical process initially turned ugly later. Though Bonia made an attempt to recover in the first quarter of last year, it was met with more liquidation and subsequently, the stock tumbled to a low of 56 sen during intra-day session on Wednesday, the worst level in almost three years.
Nevertheless, this stock had rebounded in the past two days, pushing it to a three-week high of 61.5 sen in the wake of renewed bargain hunting interest yesterday.
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Based on the daily chart, Bonia remains bearish apparently, but the steadier price movements over the past couple of days offer investors a ray of hope prices may have finally found the bottom after a prolonged downtrend. Adding to our optimism, the oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum index were on the rise. It had issued a short-term buy deep in the oversold area on Thursday.
Mirroring the upward momentum, the 14-day relative strength index advanced from a reading of 12 to finish at the 63 points level yesterday. In addition, the daily moving average convergence/divergence histogram climbed over the daily signal line to trigger a buy signal yesterday.
Technically, Bonia shares are expected to climb in the immediate term. However, more observation still is needed before one could confirm the trend ahead.
Initial resistance is seen at the 50-day simple moving average (SMA) of 62.5 sen and a relatively strong barrier is pegged at the 100-day SMA of 65 sen. A close above the uppermost 200-day SMA of 70 sen would signal a bullish turnaround.
As for the downside, a crack of the recent lows of 56 sen will see prices drifting lower on extended correction process and in this case, the 50 sen psychological floor and the lower support of 43 sen wil become much weaker. – K.M. Lee
The comments above do not represent a recommendation to buy or sell.
Eye on stock
BY K.M.LEEBONIA Corp Bhd (Bonia, code 9288) shares established an all-time high of RM1.53 on July 21, 2014 following a massive rally.
Thereafter, in the wake of profit-taking, the stock succumbed to pressure and slipped into correction mode but what appeared to be a typical process initially turned ugly later. Though Bonia made an attempt to recover in the first quarter of last year, it was met with more liquidation and subsequently, the stock tumbled to a low of 56 sen during intra-day session on Wednesday, the worst level in almost three years.
Nevertheless, this stock had rebounded in the past two days, pushing it to a three-week high of 61.5 sen in the wake of renewed bargain hunting interest yesterday.
[You must be registered and logged in to see this image.]
Based on the daily chart, Bonia remains bearish apparently, but the steadier price movements over the past couple of days offer investors a ray of hope prices may have finally found the bottom after a prolonged downtrend. Adding to our optimism, the oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum index were on the rise. It had issued a short-term buy deep in the oversold area on Thursday.
Mirroring the upward momentum, the 14-day relative strength index advanced from a reading of 12 to finish at the 63 points level yesterday. In addition, the daily moving average convergence/divergence histogram climbed over the daily signal line to trigger a buy signal yesterday.
Technically, Bonia shares are expected to climb in the immediate term. However, more observation still is needed before one could confirm the trend ahead.
Initial resistance is seen at the 50-day simple moving average (SMA) of 62.5 sen and a relatively strong barrier is pegged at the 100-day SMA of 65 sen. A close above the uppermost 200-day SMA of 70 sen would signal a bullish turnaround.
As for the downside, a crack of the recent lows of 56 sen will see prices drifting lower on extended correction process and in this case, the 50 sen psychological floor and the lower support of 43 sen wil become much weaker. – K.M. Lee
The comments above do not represent a recommendation to buy or sell.
Cals- Administrator
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Join date : 2011-09-08
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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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