AFTER bottoming out at 58.5 sen on May 3, the
worst level since April 29, 2009 in a rather steep correction process,
Notion Vtec Bhd staged a rebound, which saw its shares recovering to a
near seven-month high of 86 sen on July 21 in the wake of renewed
bargain-hunting interest.
Subsequently, they went through a mild adjustment, retracing to the 77-sen level before bounding off on fresh buying momentum.
Yesterday, Notion shares went up slightly at the opening and charged forward to re-test the recent peak of 86 sen but settled up 3.5 sen at 84.5 sen.
Based on the daily chart, a breach of the 86 sen barrier would give investors the confirmation that this counter is indeed resuming the recovery course. If successful, the next target to look for would be the RM1-RM1.05 range. The upper heavy resistance is resting at the RM1.25 level.
Apparently, the oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum index were on the rise. It had triggered a short-term buy late last month at the very oversold area but they are now flirting at the 74% and 73% respectively.
Tracing out a similar pattern, the 14-day relative strength index firmed from a reading of 35 on July 31 to end at the 77 points level.
In addition, the daily moving average convergence/divergence histogram climbed over the daily signal line to trigger a buy signal.
Technical indicators are pretty encouraging, implying a steadier trend in the short-term.
Initial support is envisaged at the 77 sen floor and concrete support is pegged at the 100-day simple moving average of 73.5 sen.
by K M Lee, thestar.com.my
> The comments above do not represent a recommendation to buy or sell.
Subsequently, they went through a mild adjustment, retracing to the 77-sen level before bounding off on fresh buying momentum.
Yesterday, Notion shares went up slightly at the opening and charged forward to re-test the recent peak of 86 sen but settled up 3.5 sen at 84.5 sen.
Based on the daily chart, a breach of the 86 sen barrier would give investors the confirmation that this counter is indeed resuming the recovery course. If successful, the next target to look for would be the RM1-RM1.05 range. The upper heavy resistance is resting at the RM1.25 level.
Apparently, the oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum index were on the rise. It had triggered a short-term buy late last month at the very oversold area but they are now flirting at the 74% and 73% respectively.
Tracing out a similar pattern, the 14-day relative strength index firmed from a reading of 35 on July 31 to end at the 77 points level.
In addition, the daily moving average convergence/divergence histogram climbed over the daily signal line to trigger a buy signal.
Technical indicators are pretty encouraging, implying a steadier trend in the short-term.
Initial support is envisaged at the 77 sen floor and concrete support is pegged at the 100-day simple moving average of 73.5 sen.
by K M Lee, thestar.com.my
> The comments above do not represent a recommendation to buy or sell.
No comments:
Post a Comment