PJ Development Holdings Bhd (PJ Dev) shares added one sen to RM1.09, the highest closing level since July 2007, amid continuous bargain hunting buying interest.
Based on the daily bar chart, this stock has been on the rise for more than a month, thus carving out a new leg of uptrend. The advancement came about after prices had found a shelter at the 89 sen level in late August, following a period of range-bound consolidation process.
Going forward, prices are expected to sustain the upward thrust, with trading volumes glaringly piling up, implying investors’ interest in PJ Dev is growing.
The immediate upside objective would be to challenge the strong overhead barrier, resting at the RM1.24-RM1.25 band. If the bulls can stage a major breakout of this hurdle, the prevailing trend is likely to turn more positive, enroute to the RM1.60 mark.
Elsewhere, the daily slow-stochastic momentum index was firming. Its oscillator per cent K had reversed up from the 61% level and climbed above the oscillator per cent D to trigger a short-term buy yesterday. Similarly, the 14-day relative strength index pulled back slightly from the top to a reading of 67 before curving up to settle at the 80 points level.
Meanwhile, the daily moving average convergence/divergence histogram continued to expand positively and steadily against the daily signal line to retain the bullish note. It had issued a buy call on Sept 11.
Technically, indicators are painting an encouraging pictogram, suggesting a steadier trend in the intermediate term.
Initial support is envisaged at the 14-day simple moving average (SMA) of RM1.04. An additional floor, also the trailing stop-loss exit is pegged at the 21-day SMA, now resting at RM1.02 and still rising. - by KM LEE, thestar.com.my
The comments above do not represent a recommendation to buy or sell.
No comments:
Post a Comment