Wijaya Baru's follow-through rebound likely

MOVING in tandem with consolidations on regional stock markets, the FTSE
Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) staged a
follow-through consolidation yesterday.

Declining counters out-numbered advancing counters by 505 to 203.

The
FBM KLCI fell from its day high of 1,565.46 to its day low of 1,558.51
yesterday. It closed at 1,559.60 points, giving a day-on-day loss of
5.46 points, or 0.35 per cent.

Wijaya Baru Global Bhd price trend moved higher to close at 74 sen, posting a day-on-day gain of 9 sen, or 13.85 per cent.





Chartwise, Wijaya's daily price trend rebounded from its recent low of
36 sen on July 1 2011 to its day high of 75 sen yesterday, recording a
total gain of 39 sen, or 108.33 per cent.

Its 60-minute price
staged a technical breakout of its immediate overhead resistance (B3:B4)
yesterday and continued to stay above it.

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

Wijaya's
60-minute price trend is likely to stage a follow-through technical
rebound to to its immediate overhead resistance (75- to 86-sen levels).