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NewsEye on stock; Tropicana Corp
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Eye on stock; Tropicana Corp
by Cals Sun 29 Nov 2015, 18:36
Saturday, 28 November 2015
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AFTER finding a shelter at the five-year lows of 83 sen on Aug 25 during the previous prolonged correction phase on extended selling pressure, Tropicana Corp Bhd shares staged a relief rebound to a high of 98 sen on Oct 23 amid renewed bargain hunting interest.
Thereafter, this stock turned sideways, with prices fluctuating within a pretty tight band on consolidation or attempting to build a base for recovery, lasting slightly more than a month before a fresh bout of buying momentum led them to a positive breakout of the existing range yesterday.
Based on the daily chart, Tropicana tested the uppermost 200-day simple moving average of RM1 during intra-day session, also the first time since September last year, suggesting the underlying sentiment of this counter has changed for the better.
The bigger trading volumes, indicating investors were making a come back to this stock, added to our optimism.
Going forward, another good day, pushing prices above the RM1.05 barrier would give investors the confirmation that Tropicana is indeed on a new leg of uptrend.
So, check out on that.
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The next upper hurdle is anticipated at the RM1.17-RM1.20 range, followed by the RM1.35 barrier.
Elsewhere, the oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum index were on the rise after triggering a short-term buy at the neutral area on Thursday.
The past week witnessed the 14-day relative strength index rising from a reading of 37 on Monday to settle at the 72-point level.
Meanwhile, the daily moving average convergence/divergence histogram climbed above the daily signal line to issue a buy signal yesterday.
Technically, indicators are painting a promising pictogram, implying Tropicana shares are poised to advance in the immediate term.
The immediate support is resting at the 94-sen floor and the lower 90-sen mark will act as a trailing exit. — K.M. Lee
The comments above do not represent a recommendation to buy or sell.
Eye on stock; Tropicana Corp
[You must be registered and logged in to see this image.]
AFTER finding a shelter at the five-year lows of 83 sen on Aug 25 during the previous prolonged correction phase on extended selling pressure, Tropicana Corp Bhd shares staged a relief rebound to a high of 98 sen on Oct 23 amid renewed bargain hunting interest.
Thereafter, this stock turned sideways, with prices fluctuating within a pretty tight band on consolidation or attempting to build a base for recovery, lasting slightly more than a month before a fresh bout of buying momentum led them to a positive breakout of the existing range yesterday.
Based on the daily chart, Tropicana tested the uppermost 200-day simple moving average of RM1 during intra-day session, also the first time since September last year, suggesting the underlying sentiment of this counter has changed for the better.
The bigger trading volumes, indicating investors were making a come back to this stock, added to our optimism.
Going forward, another good day, pushing prices above the RM1.05 barrier would give investors the confirmation that Tropicana is indeed on a new leg of uptrend.
So, check out on that.
[You must be registered and logged in to see this image.]
The next upper hurdle is anticipated at the RM1.17-RM1.20 range, followed by the RM1.35 barrier.
Elsewhere, the oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum index were on the rise after triggering a short-term buy at the neutral area on Thursday.
The past week witnessed the 14-day relative strength index rising from a reading of 37 on Monday to settle at the 72-point level.
Meanwhile, the daily moving average convergence/divergence histogram climbed above the daily signal line to issue a buy signal yesterday.
Technically, indicators are painting a promising pictogram, implying Tropicana shares are poised to advance in the immediate term.
The immediate support is resting at the 94-sen floor and the lower 90-sen mark will act as a trailing exit. — K.M. Lee
The comments above do not represent a recommendation to buy or sell.
Cals- Administrator
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