Ramunia resumes rebound
New Straits Times
15 July 2005

Share prices on Bursa Malaysia Bhd resumed their technical rally yesterday. Overall market sentiment continued to display its underlying resilience. Its overall advancing counters overwhelmed its declining counters by 572 to 231.

The Kuala Lumpur Composite Index resumed its technical rally to its intra-day high of 922.45 before easing off to close at 921.06 points, giving a day-on-day gain of 7.99 points, or 0.88 per cent.

Yesterday, Ramunia Holdings Bhd resumed its technical rebound in step with the general market sentiment. Its daily price trend closed at RM1.08, giving a day-on-day gain of 10.5 cent, or 10.77 per cent.

Chart wise, Ramunia’s daily price trend fell from its high of 87.5 cent on April 1 all the way to its intra-day low of 38 cent on June 2, giving a retracement loss of 49.5 cent, or 56.57 per cent.

Ramunia’s short-term price trend (60-minute chart) staged a technical breakout of the neckline (B1:B2) of its double-bottom pattern formation yesterday. Since then, its hourly price trend rallied to its intra-day high of RM1.11 yesterday.

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

Its technical breakout is still awaiting the necessary technical confirmation. Ramunia’s immediate overhead resistance zone hovers at the RM1.17 to RM1.37 levels.