SHARE prices on Bursa Malaysia continued to consolidate with expanded trading ranges yesterday. Overall declining counters outpaced advancing counters by 175 to 514.
The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) fell from its intra-day high of 1,331.09 to its intra-day low of 1,315.82. It closed at 1,319.84 points, giving a day-on-day loss of 5.70 points, or 0.43 per cent.
CI Holdings Bhd closed at RM2.59 yesterday, posting a day-on-day gain of 14 sen, or 5.71 per cent.
Chartwise, CI Holdings' daily price trend rose from its low of RM2.09 on May 25 to its intra-day high of RM2.60 yesterday, recording a total gain of 51-sen, or 24.40 per cent.
Its hourly price trend staged a technical breakout of its intermediate-term overhead downtrend (B1:B2) on June 29, 2010 and continued to stay above it.
Its hourly fast MACD (moving average convergence divergence) stayed above its hourly slow MACD yesterday. Both its hourly fast and slow MACDs continued to stay above their respective neutral reference lines.
CI Holdings' hourly price trend is likely to stage a follow-through technical rebound.
The subject expressed above is based on technical analysis and opinions of the writer. It is not a solicitation to buy or sell.