Eye on stock - Mulpha Land

by **Cals** Sun 08 Mar 2015, 22:02

Eye on stock - Mulpha Land

Saturday, 7 March 2015

MULPHA Land Bhd (Mulphal) shares were on a steady rise the past couple of months amid fresh bargain-hunting buying momentum after undergoing a period of consolidation and correction.
Prices hit a high of 57 sen during intra-day session yesterday, the best since December 2007, up from a 16-month low of 38 sen on Jan 9.
Based on the daily chart, Mulphal has carved out a relatively steep short-term ascending channel. A tentative major breakout also was sighted yesterday.
With growing trading volumes supporting the recent advances, suggesting significant interest surrounding this counter, investors can look forward for more scaling going forward.

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The near-term upside objective would be to challenge the heavy resistance of 80 sen-82 sen band. The next upper strong hurdle is resting at the RM1-RM1.05 range.
Elsewhere, the oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum index were holding up well at the bullish territory.
Likewise, the 14-day relative strength index retained the posture above the 70 points level to stay bullish.
In addition, the daily moving average convergence/divergence histogram sustained the upward expansion against the daily signal line to keep the buy call.
Technically, all the short-term indicators are painting a pretty promising landscape, implying Mulphal shares are likely to strenghthen in the immediate term amid follow-through nibbling.
As for the downside, the prevailing trend is constructive, as long as the 14-day simple moving average, resting at the 46 sen level and still rising, continues to support prices. – By K.M. Lee

The comments above do not represent a recommendation to buy or sell.