LIEN Hoe Corp Bhd shares broke the most recent peak of 33.5 sen to achieve a 39- month high of 38.5 sen during intra-day session before trimmin g slightly to settle at 36.5 sen, up five sen in the wake of fresh buying momentum on Thursday.
Based on the daily bar chart, a successful breakthrough based on the existing pattern, accompanied by greater trading volumes usually would clear the way for more scaling going forward. Perhaps investors can take up a position, if one is optimistic.
Turning to the indicators, the oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum index were on the upward thrust. It triggered a short-term buy at the neutral zone on Thursday.
On the very same day, the daily moving average convergence/divergence histogram cross ed the daily signal line to issue another buy call.
Elsewhere, the 14-day relative strength index extended the upward thrust to settle at a reading of 77 points on Thursday.
Technically, the promis ing outlook suggest a steadier trend ahead. If prices can overcome the initial resistance of 42 sen and head higher to overcome the upper strong hurdle of 48 sen, the next target to look for would be the 60 sen mark.
Current support is envisaged at 34.5 sen, followed by the 50-day simple moving average of 30 sen level. — By K. M. LEE
The comments above do not represent a recommendation to buy or sell.
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