LAST week, share prices on Bursa Malaysia paused to consolidate their recent gains. The Kuala Lumpur Composite Index (KLCI) managed to stay above its psychological support of 1,200 when it closed at 1,221.98 points last Friday.
Despite the better performances on the Wall Street and regional stock markets, the KLCI failed to rebound in tandem. Instead, the KLCI went about its consolidation oblivious to the performances of the regional stock markets.
The KLCI's earlier rebound hit its intra-week high of 1,264.75 last Wednesday before slipping to its intra-week low of 1,219.97 last Thursday, giving an intra-week trading range of 44.78 points.
The KLCI drifted lower to close at 1,221.98 last Friday, posting a week-on-week loss of 36.43 points, or 2.89 per cent.
The FTSE Bursa Malaysia Second Board Index lost 127.62 points, or 2.15 per cent, to 5,806.05 level while the FTSE Bursa Malaysia Mesdaq Index eased 33.15 points, or 0.67 per cent, to 4,915.72 level last Friday.
Last week, Padiberas Nasional Bhd (Bernas) staged a late technical rebound. Its daily price trend rebounded to close at RM2.08 last Friday, posting a week-on-week gain of 29 sen, or 16.20 per cent.
Following are the readings of some of its technical indicators:
Moving Averages: Bernas' daily price trend stayed above its 10-, 20-, 30-, 50-, 100- and 200-day moving averages.
Momentum Index: Its short-term momentum index staged a re-penetration of its neutral reference line last week.
On Balance Volume (OBV): Its short-term OBV continued to stay above its 10-day moving averages.
Relative Strength Index (RSI): Its 14-day RSI had since stayed above the 50 level. Its technical reading stood at the 70.23 per cent level at the market close last Friday.
Outlook
Bernas is likely to benefit from the recent tight global supply of rice with possibility of hike in prices. Whatever the outcome, Bernas is likely to benefit in terms of turnover and profitability.
Chartwise, Bernas' monthly price trend continued to climb along the path of its intermediate-term uptrend. Since then, its intermediate-term price trend continued to stay firmly above its support with a brief re-test in March.
Its weekly price trend staged a successful re-test of its intermediate-term uptrend (See Bernas's weekly price trend - A1:A2) in March. Its weekly price trend had since rebounded off the support last Friday.
Bernas' daily price trend staged a late technical breakout of its intermediate-term downtrend (See Bernas' daily price trend - B3:B4) last Friday. Earlier, its daily price trend staged a successful re-test of its intermediate-term support (B1:B2).
Its daily fast MACD (moving average convergence divergence) staged a bullish "golden cross" of its daily slow MACD last Thursday. With that, Bernas' near-term price trend is likely to hold firm over the next few weeks.
Its 14-day RSI stood at the 70.23 per cent level last Friday. Its 14-week and 14-month RSI were at the 52.72 and 57.46 per cent levels respectively.
Combining the technical breakout of its intermediate-term trendline as well as the bullish movements of its technical indicators, Bernas' daily price trend is likely to stay on its rebound course to re-challenge its previous resistance high of RM2.37.
Despite the better performances on the Wall Street and regional stock markets, the KLCI failed to rebound in tandem. Instead, the KLCI went about its consolidation oblivious to the performances of the regional stock markets.
The KLCI's earlier rebound hit its intra-week high of 1,264.75 last Wednesday before slipping to its intra-week low of 1,219.97 last Thursday, giving an intra-week trading range of 44.78 points.
The KLCI drifted lower to close at 1,221.98 last Friday, posting a week-on-week loss of 36.43 points, or 2.89 per cent.
The FTSE Bursa Malaysia Second Board Index lost 127.62 points, or 2.15 per cent, to 5,806.05 level while the FTSE Bursa Malaysia Mesdaq Index eased 33.15 points, or 0.67 per cent, to 4,915.72 level last Friday.
Last week, Padiberas Nasional Bhd (Bernas) staged a late technical rebound. Its daily price trend rebounded to close at RM2.08 last Friday, posting a week-on-week gain of 29 sen, or 16.20 per cent.
Following are the readings of some of its technical indicators:
Moving Averages: Bernas' daily price trend stayed above its 10-, 20-, 30-, 50-, 100- and 200-day moving averages.
Momentum Index: Its short-term momentum index staged a re-penetration of its neutral reference line last week.
On Balance Volume (OBV): Its short-term OBV continued to stay above its 10-day moving averages.
Relative Strength Index (RSI): Its 14-day RSI had since stayed above the 50 level. Its technical reading stood at the 70.23 per cent level at the market close last Friday.
Outlook
Bernas is likely to benefit from the recent tight global supply of rice with possibility of hike in prices. Whatever the outcome, Bernas is likely to benefit in terms of turnover and profitability.
Chartwise, Bernas' monthly price trend continued to climb along the path of its intermediate-term uptrend. Since then, its intermediate-term price trend continued to stay firmly above its support with a brief re-test in March.
Its weekly price trend staged a successful re-test of its intermediate-term uptrend (See Bernas's weekly price trend - A1:A2) in March. Its weekly price trend had since rebounded off the support last Friday.
Bernas' daily price trend staged a late technical breakout of its intermediate-term downtrend (See Bernas' daily price trend - B3:B4) last Friday. Earlier, its daily price trend staged a successful re-test of its intermediate-term support (B1:B2).
Its daily fast MACD (moving average convergence divergence) staged a bullish "golden cross" of its daily slow MACD last Thursday. With that, Bernas' near-term price trend is likely to hold firm over the next few weeks.
Its 14-day RSI stood at the 70.23 per cent level last Friday. Its 14-week and 14-month RSI were at the 52.72 and 57.46 per cent levels respectively.
Combining the technical breakout of its intermediate-term trendline as well as the bullish movements of its technical indicators, Bernas' daily price trend is likely to stay on its rebound course to re-challenge its previous resistance high of RM2.37.
