Technical rebound likely for KKB Engr

Technical pullbacks on the regional stock markets dictated Bursa Malaysia's overall market sentiment as the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) consolidated recent gains. Its gainers outpaced losers by 383 to 320.

The FBM KLCI fell from its intra-day day high of 1,565.00 to its intra-day low of 1,557.26 yesterday. It closed at 1,558.17 points, a loss of 3.60 points.

KKB Engineering Bhd's (KKB) prices rose to RM2.02, posting a day-on-day gain of 10 sen.

Chartwise, KKB's daily price trend rebounded from its recent low of RM1.84 on June 13,to a high of RM2.04 yesterday, recording a total gain of 20 sen.

Its 60-minute price staged a breakout of its overhead resistance (B1:B2) yesterday and stayed above it.

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

KKB's 60-minute price trend is likely to stage a follow-through technical rebound to to its immediate overhead resistance (RM2.03 to RM2.20 levels).