REBOUNDS on Wall Street and the Tokyo and Hong Kong stock markets sent share prices on Bursa Malaysia higher on Friday.
The FTSE Bursa Malaysia KLCI (FBM KLCI) continued to exhibit the effects of a follow-through technical rebound.
It rebounded from its intra-week low of 1,768.64 points on Monday before hitting an intra-week high of 1,788.99 on Friday, giving the benchmark index a trading range of 20.35 points, compared with 22.18 points the previous week.
Rebound on Bursa Malaysia in the last two days of the week sent the index to a higher close of 1,785.75 points on Friday, giving it a week-on-week gain of 9.19 points.
The FBM Small Cap Index gained 202.02 points, or 1.32 per cent, to 15,502.30 points while the FBM ACE Market Index jumped 125.97 points, or 2.34 per cent, to 5,503.57 on Friday.
In New York, renewed technical rebounds on Wall Street saw share prices climbing last week.
The Dow Jones Industrial Average closed higher at 15,237.11 points last Friday, giving it a week-on-week gain of 1.09 per cent.
The tech stock-heavy Nasdaq Composite Index moved in counter-trend with the general market sentiment when it staged a technical pullback last week.
It closed marginally lower at 3,791.87 points, giving it a week-on-week loss of 0.42 per cent.
In Asia, the Tokyo stock market continued to stay above its critical support of 14,000 points last week.
The Nikkei 225 Index closed broadly higher at 14,404.74 points on Friday,with a gain of 2.71 per cent.
On the home front, Mudajaya Group Bhd (Mudajaya) staged a technical rebound last week.
Its daily price trend closed at RM2.95 on Friday, with a gain of 6.88 per cent.
The following are readings of some of Mudajaya's technical indicators:-Moving Averages:
Mudajaya's daily price trend stayed above its 10-, 20-, 30-, 50-, 100- and 200-day moving averages. Momentum Index:
Its short-term momentum index stayed above the support of its neutral reference line last week.On Balance Volume (OBV):
Mudajaya's short-term OBV stayed above the support of its 10-day moving averages.Relative Strength Index (RSI):
Its 14-day RSI stayed above 50. Its technical reading stood at 69.39 per cent last week.Outlook
While heavyweights provided the market's momentum, the second and third liners provided the market activities.
Mudajaya was one of these counters with a profit of 19 sen, or 6.88 per cent.
Chartwise, Mudajaya's monthly price trend continued to stay above its intermediate-term downtrend, which augurs well for its intermediate- to long-term perspectives.
Its weekly price trend staged a successful breakout of its intermediate-term overhead resistance (See Mudajaya's weekly price chart - B1:B2).
Mudajaya's daily price trend staged a technical breakout of its intermediate-term overhead resistance (See Mudajaya's daily price trend - C1:C2) on Friday last week.
Its daily, weekly and monthly fast MACDs (moving average convergence divergence) continued to stay above their respective slow MACDs at the market close last week.
Its 14-day Relative Strength Index (RSI) stood at 69.39 per cent. In the meantime, its 14-week and 14-month RSI were at 65.74 per cent and 57.05 per cent, respectively.
From the bullish technical breakout on its daily chart, Mudajaya's daily price trend is set to stage a follow-through technical rebound, re-challenging its immediate overhead resistance of between RM3 and RM3.30 over its intermediate-term perspective.The subject
expressed above is based purely on technical analysis and opinions of the writer. It is not a solicitation to buy or sell.