KUALA LUMPUR: OSK Research said judging from Tuesday, Feb 8's price action, it seems like MULPHA INTERNATIONAL BHD []'s retracement from the recent major high of 68 sen should have come to an end.
In its stock outlook issued on Wednesday, Feb 9, it said Tuesday's rebound not only emerged right above the uptrend line, but the stock also violated the short-term downtrend line on strong momentum. Based on these two technical developments, it is likely that the stock's downdraft is over and traders can consider accumulating the shares at above the 58 sen level.
'We are eyeing the 68 sen level as the upside target but the immediate resistance at the 65 sen level must first be cleared. To the downside, there is initial support at the 56 sen level, followed by the 52 sen level and the 48 sen level. The immediate technical outlook of Mulpha is turning more positive as it is now in the midst of violating the downtrend line,' it said.
In its stock outlook issued on Wednesday, Feb 9, it said Tuesday's rebound not only emerged right above the uptrend line, but the stock also violated the short-term downtrend line on strong momentum. Based on these two technical developments, it is likely that the stock's downdraft is over and traders can consider accumulating the shares at above the 58 sen level.
'We are eyeing the 68 sen level as the upside target but the immediate resistance at the 65 sen level must first be cleared. To the downside, there is initial support at the 56 sen level, followed by the 52 sen level and the 48 sen level. The immediate technical outlook of Mulpha is turning more positive as it is now in the midst of violating the downtrend line,' it said.
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