SEG Intl's follow-through rebound likely

THE FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) set a yet another new historical high of 1,597.08 before consolidating to its intra-day low of 1,584.20 yesterday.Declining counters outpaced its advancing counters by 460 to 237.

The FBM KLCI fell from its intra-day high of 1,597.08 to its intra-day low of 1,584.20 yesterday. It closed at 1,588.58 points, giving a day-on-day loss of 6.16 points, or 0.39 per cent.

SEG International Bhd price trend moved higher to close at RM2.08, giving a day-on-day gain of 8 sen, or 4 per cent.

Chartwise, SEG International's daily price trend rebounded from its recent low of RM1.89 on June 29 to its intra-day high of RM2.09 last Thursday, giving a total gain of 20 sen, or 10.58 per cent.

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

Its 60-minute fast MACD (moving average convergence divergence) continued to stay above its daily slow MACD. Both of its daily fast and slow MACDs continued to stay above their respective neutral reference lines.

SEG International's 60-minute price trend is likely to stage a short and brief follow-through rebound, in re-challenging its overhead resistance zone (RM2.10 to RM2.25 levels).