Share prices on Bursa Malaysia rebounded further in tandem with the rebounds on the regional stock markets yesterday. Its overall advancing counters outpaced its declining counters by 459 to 221.
The Kuala Lumpur Composite Index (KLCI) rebounded from its intra-day low of 1,263.07 to its intra-day high of 1,267.68 yesterday. It closed at 1,267.15 points, giving a day-on-day gain of 3.39 points, or 0.27 per cent.
Integrated Rubber Corporation Bhd (IRCB) staged a technical rebound yesterday. Its daily price trend closed at RM1.26, posting a day-on-day gain of 15 sen, or 15.51 per cent.
Chartwise, IRCB's daily price trend fell from its high of RM1.87 on January 14 2010 all the way down to its intra-day low of RM1.04 yesterday, recording a total loss of 83 sen, or 44.39 per cent.
Its hourly price trend staged a technical breakout of its short-term downtrend yesterday.
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 below their respective neutral reference lines.
IRCB's hourly price trend is likely to stage a follow-through rebound to re-challenge its previous resistance high of RM1.58.
The subject expressed above is based on technical analysis and opinion of the writer. It is not a solicitation to buy or sell.
(Source: irco.biz)
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