Takaso Resources heading for overhead resistance level

SHARE prices on Bursa Malaysia fell sharply across a broad front yesterday, taking the cue from the Hong Kong and Tokyo stock markets after Wall Street tumbled overnight.

Losers outpaced gainers by 514 to 259 on the local bourse.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) fell through its immediate downside support of 1,550 points.

The benchmark index fell from its day high of 1,549.49 to its day low of 1,538.95. It closed at 1,545.10, posting a loss of 9.75 points.

Takaso Resources Bhd's price trend moved up to 59.5 sen, gaining 5.5 sen, or 10.19 per cent.

Chartwise, Takaso's daily price trend rebounded from a low of 33 sen on July 1 to a high of 61 sen yesterday, an increase of 28 sen.

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

Its 60-minute fast MACD (Moving Average Convergence Divergence indicator) stayed above its daily slow MACD yesterday.

Both of its 60-minute fast and slow MACDs continued to stay above their respective neutral reference lines. Takaso's 60-minute price trend is likely to stage a follow-through technical rebound to its immediate overhead resistance