OPCOM Holdings Bhd shares fell to a low of 64 sen in late May on extended correction phase, followed by sideways consolidation process, lasting several months until mid-week.
Thereafter, prices staged an unexpected spike, hitting a near nine-month high of 80 sen amid fresh buying momentum on Thursday before retreating, owing to an apparent profit-taking activity, compounded by unfavourable market condition, ending down 2.5 sen to 74.5 sen yesterday.
In spite of the pullback, it looks like the recent consolidation period has ended and now in the infant stage of recovery but further observation is needed.
Apparently, the oscillator per cent K had fallen below the oscillator per cent D of the daily slow-stochastic momentum index, but it could not be confirmed for now, as they are still flirting at the bullish territory.
Likewise, the 14-day relative strength index scaled to a reading of 77 points on Thursday before turning flat yesterday.
In stark contrast, the daily moving average convergence/divergence histogram expanded sharply and positively against the daily trigger line to retain the buy call.
Technically, indicators are unclear, suggesting Opcom may trade range-bound with an upward bias in the immediate term until a breakout is detected.
A push above the strong barrier of 89 sen will signal a bullish reversal, clearing the way for prices to challenge the heavy resistance of RM1.20 in the near-term.
Solid support is pegged at the 200-day simple moving average of 72 sen. - By K.M. LEE
The comments above do not represent a recommendation to buy or sell.
:) :) :thumbsup:
ReplyDeleteGood One.
ReplyDelete