Wednesday, April 27, 2011

MEGB likely to stage short rebound

SHARE prices on Bursa Malaysia rebounded from their intra-day lows yesterday. Its declining counters outpaced its advancing counters by 458 to 287.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) rebounded from its intra-day low of 1,520.49 to its intra-day high of 1,527.56 yesterday. It closed at 1,527.34 points, giving a day-on-day gain of 3.29 points, or 0.22 per cent.

Masterskill Education Group Bhd (MEGB) price trended higher to close at RM2.17, giving a day-on-day gain of 8 sen, or 3.83 per cent.

Chartwise, MEGB's daily price trend fell from its recent high of RM2.47 on April 7, to its intra-day low of RM2.08 on Monday, posting a total loss of 39 sen, or 15.79 per cent.

Its 60-minute price trend staged a technical breakout of its intermediate-term downtrend (B1:B2) yesterday and continued to stay above it.

Its 60-minutre fast MACD (moving average convergence divergence) continued to stay below its 60-minute slow MACD yesterday.

Both of its 60-minute fast and slow MACDs continued to stay above their respective neutral reference lines.

MEGB's 60-minute price trend is likely to stage a short and brief rebound above its intermediate-term downtrend.

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

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