CONTINUING follow-through technical rebounds sent share prices on Bursa Malaysia higher at the market close on Friday.
The FTSE Bursa Malaysia KLCI (FBM KLCI) staged a follow-through rebound to close at 1,817.57 points.
The FBM KLCI's 30 index-linked components continued to play pivotal roles in maintaining the upbeat momentum, moving against the backdrop of weak market sentiment on regional stock markets.
The FBM KLCI rebounded from an intra-week low of 1,797.14 on Monday before hitting a high of 1,822.17 last Friday last week, giving the index an intra-week trading range of 25.03 points, as compared with the previous week's 29.89 points.
The first four-day of rebounds on Bursa Malaysia set the market undertone for the week. The FBM KLCI closed at 1,822.17 points last Friday, giving a week-on-week gain of 17.98 points, or one per cent.
The FTSE Bursa Malaysia Small Cap Index gained 1.06 per cent to 15,759.45 while the FTSE Bursa Malaysia ACE Market Index added 0.31 per cent to 5,546.37 on Friday.
Suria Capital Holdings Bhd (Suria) staged a technical rebound last week. Its daily price trend stood at RM1.96 on Friday, posting a week-on-week gain of 2.62 per cent.
Following are the readings of some of Suria's technical indicators:-Moving Averages:
Suria's daily price trend stayed above all 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):
Its short-term OBV stayed above the support of its 10-day moving averages.Relative Strength Index (RSI):
Its 14-day RSI had since stayed above 50 per cent. Its technical reading stood at the 73.31 per cent on Friday.Outlook
Overall market sentiment on Bursa Malaysia remained on a high note last week. Many second-and third- liners posted double-digit gains. Suria was one of these counters with a week-on-week gain of 2.62 per cent.
Chartwise, Suria's monthly price trend staged a technical breakout of its intermediate-term downtrend. With that, it augurs well for its intermediate- to long-term perspectives.
Its weekly price trend staged a successful breakout of its intermediate-term overhead resistance (See Suria's weekly price chart - B1:B2) before rebounding higher on Friday.
Suria's daily price trend staged a technical breakout of its intermediate-term downtrend (See Suria's daily price trend - C1:C2).
Its daily, weekly and monthly fast MACDs (moving average convergence divergence) continued to stay above their respective slow MACDs at the market close last Friday.
Its 14-day Relative Strength Index (RSI) stood at 73.31 per cent. Its 14-week and 14-month RSI were at the 65.03 per cent and 62.09 per cent respectively.
Viewing at the bullish technical breakout on its daily chart, Suria's daily price trend is set to stage a follow-through technical rebound, likely to re-challenge its immediate overhead resistance at between RM2.00 and RM2.30 over its intermediate-term perspectives.The subject
expressed above is based purely on technical analysis and opinions of the writer. It is not a solicitation to buy or sell.