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More technical downside for SerSol
by Cals Wed 02 Oct 2013, 18:41
Published: Wednesday October 2, 2013 MYT 4:11:00 PM
Updated: Wednesday October 2, 2013 MYT 4:12:55 PM
More technical downside for SerSol
KUALA LUMPUR: Shares of SerSol Bhd extended the decline late Wednesday, after two days of heavy selling, and based on technical charts, there is more downside ahead.
At 4.07pm, it was down one sen to 60.5 sen. Turnover was 13 million shares done at prices ranging from 60.5 sen to 63 sen.
Its warrants, SerSol-WA fell 0.05 sen to 37.5 se. There were 18.58 million units traded at prices ranging from 37 sen to 40 sen.
A technical chartist said SerSol has retraced more than 50% over several days from the all-time peak of RM1.07 on Sept 25.
“If the 61.8% retracement support of 53.5 sen cannot support the price, SerSol may see further downside and “in great danger” of a full retracement back to the 20 sen level.
“However, if the share price can bounce back above the 64 sen to 65 sen band, then it may advance to the 73 sen and 74 sen level,” said the technical chartist.
Updated: Wednesday October 2, 2013 MYT 4:12:55 PM
More technical downside for SerSol
KUALA LUMPUR: Shares of SerSol Bhd extended the decline late Wednesday, after two days of heavy selling, and based on technical charts, there is more downside ahead.
At 4.07pm, it was down one sen to 60.5 sen. Turnover was 13 million shares done at prices ranging from 60.5 sen to 63 sen.
Its warrants, SerSol-WA fell 0.05 sen to 37.5 se. There were 18.58 million units traded at prices ranging from 37 sen to 40 sen.
A technical chartist said SerSol has retraced more than 50% over several days from the all-time peak of RM1.07 on Sept 25.
“If the 61.8% retracement support of 53.5 sen cannot support the price, SerSol may see further downside and “in great danger” of a full retracement back to the 20 sen level.
“However, if the share price can bounce back above the 64 sen to 65 sen band, then it may advance to the 73 sen and 74 sen level,” said the technical chartist.
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