MMC to re-challenge overhead resistance

BURSA Malaysia bucked the regional trend when it consolidated yesterday. Declining counters outpaced advancing counters by 429 to 240.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) fell from its day high of 1,471.03 to its day low of 1,460.96 yesterday. It closed at 1,464.74 points, giving a day-on-day loss of 4.41 points, or 0.30 per cent.

MMC Corp Bhd's price trend moved higher to close at RM2.60, giving a day-on-day gain of 6 sen, or 2.36 per cent.

Chartwise, MMC Corp's daily price trend fell from its day high of RM2.83 on July 22 to its day low of RM2.25 on August 9, recording a total loss of 58 sen, or 20.49 per cent.

Its 60-minute price staged a technical breakout of its intermediate-term downtrend (B1:B2) yesterday and continued to stay above it.

Its 60-minute fast MACD (Moving Average Convergence Divergence indicator) stayed below its daily slow MACD yesterday. Both its 60-minute fast and slow MACDs continued to stay below their respective neutral reference lines.

MMC Corp's 60-minute price trend is likely to stage a follow-through rebound, likely to re-challenge its overhead resistance (RM2.61 to RM2.75 levels).