The shares touched an intra-day low of RM2.70 in early session before reversing up to close up eight sen at RM2.80 yesterday.
Based on the daily chart, MBSB has been in an adjustment mode the past two weeks. In spite of that, the prevailing trend remains constructive. Meanwhile, it looks like prices had corrected enough and the next move would probably be to resume the scaling.
Apparently, the daily slow-stochastic momentum index had issued a short-term buy yesterday, but it could not be confirmed as both the oscillator per cent K and the oscillator per cent D were still flirting below the 30% neutral line.
Meanwhile, the 14-day relative strength index improved slightly to settle at the mid-range yesterday, up from a reading of 35 points the previous day. On the contrary, the daily moving average convergence/divergence histogram continued to expand negatively against the daily signal line to stay bearish. It had triggered a sell late last month.
Technically, indicators are unclear but the given tentative buy signal on the daily slow-stochastic momentum index and the ticking up pictogram of the 14-day relative strength index offer investors a ray of hope that prices may firm up in the short term.
A clear penetration of the recent peak of RM2.86 would signal the resumption of a rally, targeting the RM3 mark. The next upper hurdle is expected at the RM3.20-RM3.22 band.
Current support is pegged at the 50-day simple moving average of RM2.69, followed closely by the RM2.63 floor.
The comments above do not represent a recommendation to buy or sell.
source: biz.thestar.com.my
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