MRCB on track to stage follow-through rebound

SHARE prices on Bursa Malaysia rebounded in unison with the strong rebounds on the regional stock markets yesterday. Its overall advancing counters outpaced its declining counters by 516 to 136.

The Kuala Lumpur Composite Index (KLCI) rebounded from its intra-day low of 1,116.14 to close at its intra-day high of 1,139.41 yesterday, posting a day-on-day gain of 29.84 points, or 2.69 per cent.

Malaysian Resources Corp Bhd (MRCB) staged a mild technical rebound yesterday. Its daily price trend closed at RM1.01, giving a day-on-day gain of 5.5 sen, or 5.76 per cent.

Chartwise, MRCB's daily price trend fell from its high of RM1.65 on May 16 all the way down to its intra-day low of 94.5 sen on July 21, posting a total loss of 70.5 sen, or 42.73 per cent.

Its hourly price trend stepped out of its intermediate-term downtrend (B1:B2) on July 9. Its short-term price trend trended within the confines of its sideways channel (B3:B4 and B5:B6).

Its hourly fast MACD (moving average convergence divergence) continued to stay above its hourly slow MACD yesterday. Both of its hourly fast and slow MACDs continued to stay above their respective neutral reference lines.

Its hourly price trend is on track to stage a follow-through rebound from its present oversold position.

The subject expressed above is based on technical analysis and opinions of the writer. It is not a solicitation to buy or sell.