KOMARKCORP Bhd advanced to a high of 46 sen during intra-day session, also the best level since August 2007 amid fresh buying momentum before trimming gains slightly in late session to settle at 45 sen, up 5.5 sen yesterday.The recovery in the price of this stock was evidently steeper in the past three days, supported by growing trading volumes.
Elsewhere, a significant positive breakthrough was sighted on the daily bar chart. Combined together, the bullish development is likely to open the window for a higher move going forward.
The immediate upside objective would be to challenge the relatively strong resistance, resting at the 5557 sen band. The upper stiff hurdle is expected at the 66 sen mark, at which a decisive major breakout may see the bulls becoming more aggressive. if so, the next target to look for would be the 90 sen level.
Apparently, the daily slow-stochastic momentum index attempted to reverse up from the 63% level. It had retraced from the top earlier of the week.
In addition, the 14-day relative strength index continued to climb from a reading of 43 to close at the 89-point level yesterday.
Meanwhile, the daily moving average convergence/divergence histogram expanded positively and sharply against the daily signal line to stay bullish. It had issued a buy signal on Tuesday.
Technically, the indicators are pretty promising, suggesting Komarkcorp shares are poised to scale up in the short term.
As for the downside, the initial support is envisaged at the 40 sen level. The lower support of 35 sen is viewed as a more solid floor.
By K.M. LEE, thestar.com.my
● The comments above do not represent a recommendation to buy or sell.
No comments:
Post a Comment