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NewsRebound seen for Bernas
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Rebound seen for Bernas
by hlk Tue 06 Sep 2011, 08:49
THE FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) staged a technical pullback in step with the consolidations on the regional stock markets yesterday. The FBM KLCI fell to its intra-day low of 1,463.12.
On Bursa Malaysia, losers outpaced gainers by 526 to 210.
The FBM KLCI fell from its intra-day high of 1,471.13 to its intra-day low of 1,463.12 yesterday. It closed at 1,463.12 points, giving a day-on-day loss of 10.97 points, or 0.74 per cent.
Padiberas Nasional Bhd's (Bernas) price trend moved higher to close at RM3.13, giving a day-on-day gain of 9 sen, or 2.96 per cent.
Chartwise, Bernas' daily price trend rebounded from its intra-day low of RM2.52 on August 11 to its intra-day high of RM3.17 yesterday, recording a total gain of 65 sen, or 25.79 per cent.
Its 60-minute price staged a technical breakout of its immediate overhead resistance (B1:B2) yesterday and continued to stay above it.
Its 60-minute fast MACD (moving average convergence divergence) 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.
Bernas' 60-minute price trend is likely to stage a follow-through rebound, likely to re-challenge its overhead resistance (RM3.14 to RM3.28 levels).
On Bursa Malaysia, losers outpaced gainers by 526 to 210.
The FBM KLCI fell from its intra-day high of 1,471.13 to its intra-day low of 1,463.12 yesterday. It closed at 1,463.12 points, giving a day-on-day loss of 10.97 points, or 0.74 per cent.
Padiberas Nasional Bhd's (Bernas) price trend moved higher to close at RM3.13, giving a day-on-day gain of 9 sen, or 2.96 per cent.
Chartwise, Bernas' daily price trend rebounded from its intra-day low of RM2.52 on August 11 to its intra-day high of RM3.17 yesterday, recording a total gain of 65 sen, or 25.79 per cent.
Its 60-minute price staged a technical breakout of its immediate overhead resistance (B1:B2) yesterday and continued to stay above it.
Its 60-minute fast MACD (moving average convergence divergence) 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.
Bernas' 60-minute price trend is likely to stage a follow-through rebound, likely to re-challenge its overhead resistance (RM3.14 to RM3.28 levels).
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