LIMAHSOON may see new highs
New Straits Times, 15 March 2005
Overall market sentiment held on to its technical composure yesterday.
Selective key heavyweight index-linked counters provided the market momentum to keep the Kuala Lumpur Composite Index (KLCI) to stay above its psychological support of 900 points.
The KLCI trended with a tight trading range of 3.78 points, fluctuating between its intra-day high of 902.96 and its intra-day low of 899.18.
The KLCI closed at 901.64 points, giving a day-on-day gain of 0.19 point, or 0.02 per cent.
Another new set of second and third-liners shot into the limelight yesterday. LIMAHSOON Bhd was one of these counters.
Its daily price trend posted a day-on-day gain of 14 sen, or 13.21 per cent, to close at RM1.20.
Chartwise, LIMAHSOON's daily price trend fell from its high of RM1.16 on January 13 to its intra-day low of 97 sen on March 7, giving a total loss of 19 sen, or 16.38 per cent.
LIMAHSOON's short-term price trend (60-minute chart) staged a technical breakout of its intermediate-term downtrend (B1:B2) yesterday.
Furthermore, it took the resistance of its previous high of RM1.16 when its hourly price trend closed at the RM1.20 level.
Its hourly fast MACD (moving average convergence / divergence) continued to stay above its hourly slow MACD yesterday.
Its hourly fast and slow MACDs continued to stay above their respective neutral reference lines.
LIMAHSOON's daily price trend had moved into the confines of its short-term resistance zone (RM1.17 - RM1.27).
A decisive breach of this resistance zone will then be able to see LIMAHSOON's hourly price trend moving to new highs.
Otherwise, its hourly price trend may need to consolidate before resuming its uptrend.
The subject expressed above is based purely on technical analysis and opinion of the writer. It is not a solicitation to buy or sell.
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