Stock of The Week : MULPHA International

Mulpha International  has been picked as stock to be focused on this week by KM Lee. Below is the company three years financial summary.

The price has been going up steadily and volumn also picking up. A stock to watch.........

The company three years financial summary shown below:

MULPHA International shares were on the rise for more than a month, climbing from the recent lows of 38.5 sen in late August to a high of 48 sen during intra-day session on Thursday amid fresh bargain hunting interest.

Yesterday, they re-tested the previous day’s peak again before paring gains to close flat at 47.5 sen. Based on the daily bar chart, prices are flirting just two ticks below the mid-term descending line of 28.5 sen and it looks like a major breakthrough may come about soon – because interest in this counter is growing.

As for the indicators, the oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum retained the buy signal at the bullish territory. Though the 14-day relative strength index had reached the overbought reading of 91 points, there was no sign of it tapering off just yet.

Elsewhere, the daily moving average convergence/divergence histogram continued to expand positively against the daily trigger line after issuing a buy on Sept 13.

The promising technical reading suggest a positive breakout may be on the card. Perhaps, investors can consider taking up a position, if one is optimistic of the trend going forward.

To the upside, a push above the relatively strong barrier of 52.5 sen will clear the way for a challenge of the previous rally peak of 62 sen, established in mid-June last year.

Support floor is pegged at the 44 sen mark. — By K.M. LEE

> The comments above do not represent a recommendation to buy or sell.

Stock of the week ?

This week's stock of the week forecast on GLOMAC.


Eye on stock

AFTER breaching the most recent peak of RM1.57 on Thursday, Glomac shares extended the upward thrust to achieve a 38-month high of RM1.66 during intra-day session amid follow-through buying momentum yesterday.

Based on the daily bar chart, the bulls are now running on a new recovery track after undergoing a period of correction earlier of the year. Perhaps, investors can consider taking up a position, if one is optimistic of additional gains in the immediate term.

The daily slow-stochastic momentum index was positive, with the oscillator per cent K and the oscillator per cent D marching steadily towards the bullish territory.

Likewise, the 14-day relative strength index climbed from the mid-range earlier of the week to end at around the 83 points level yesterday.

Elsewhere, the daily moving average convergence/divergence histogram resumed the upward expansion against the daily trigger line to stay bullish. It flashed a buy in mid-September.

Technically, indicators suggest more scaling in the pipeline. If prices can penetrate the RM1.73-RM1.75 heavy resistance band, the next upside objective to look for would be the RM2-RM2.10 level.

Concrete support floor is pegged at the 14-day simple moving average of RM1.53. -
By K.M. LEE

● The comments above do not represent a recommendation to buy or sell.