The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) rebounded from its intra-day low of 1,323.55 to its intra-day high of 1,331.74 yesterday. It closed at 1,326.74, giving another day-on-day gain of 2.43 points, or 0.18 per cent.
Time Engineering Bhd closed at 39.5 sen yesterday, giving a day-on-day loss of 0.5 sen, or 1.25 per cent.
Chartwise, Time's daily price trend fell from its high of 50 sen on January 5 to its intra-day low of 31 sen on May 25, posting a total loss of 19 sen, or 38.00 per cent.
Its hourly price trend staged a momentarily technical breakout of its short-term downtrend (B1:B2) yesterday and failed to stay above it.
Its hourly fast MACD (Moving Average Convergence Divergence indicator) stayed above its hourly slow MACD yesterday. Both of its hourly fast and slow MACDs continued to stay below their respective neutral reference lines.
Time's hourly price trend is likely to extend its consolidations before resuming its prior technical rebound.
The subject expressed above is based on technical analysis and opinions of the writer. It is not a solicitation to buy or sell.
- by Business Times
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