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Seacera gains 2.42% on positive technical indicators
by Cals Wed 21 Oct 2015, 04:03
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[size=28]Seacera gains 2.42% on positive technical indicators
By Surin Murugiah / theedgemarkets.com | October 20, 2015 : 9:30 AM MYTKUALA LUMPUR (Oct 20): Shares of Seacera Group Bhd ([You must be registered and logged in to see this image.] Valuation: 3.00, Fundamental: 2.30) rose 2.42% after JF Apex Securities Research said the technical indicators were positive for the stock.
At 9.08am, Seacera rose 2 sen to 84.5 sen with 492,300 shares done.
JF Apex Securities said Seacera suffered a long downtrend since hitting an intraday high of RM1.32 back in Aug 19, 2014.
In a note today, the research house said recently the stock reversed the decline after bouncing off a low of 52.5 sen on Aug 7, August 2015.
It said share price recently rose above the 50-day and 100-day moving averages.
JF Apex Securities said the rebound also breached the long term downtrend line.
“Yesterday, share price rose above short-term uptrend channel and broke the 200-day moving average.
“Technical indicators are positive with the MACD having crossed above signal line and the stochastic showing faster %K line crossing above slower %D line to indicate a buy signal.
“Immediate resistance is seen at 92.5 sen marked by 50.0% Fibonacci retracement. Second resistance is marked by 61.8% Fibonacci retracement line at RM1.02. Following recent gains, traders can wait for a pullback to above 72 sen before entering,” it said
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