Bursa Malaysia Stock Watch
OSK Research: Retracement of HELP shares still healthy correction
kltrader
Publish date: Thu, 05 Aug 2010, 10:25 AM
kltrader
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KUALA LUMPUR: OSK Research said HELP International Corp has been retracing almost every single day since reaching a high of RM4.80.
?Although the stock has already lost about RM1.00, the recent retracement is still considered a healthy correction. This is because HELP?s share price has shot up aggressively the last two months from RM2.50 to RM4.80 in about a month,? it said.
OSK Research said there are no signs of the stock starting to consolidate again.
The stock?s share price might continue to drop to the strong support at the 50-day MAV line. The moving average line is now at the RM3.20 level. Next support is seen at the 100-day MAV line, followed by the 200-day MAV line.
The research house said these two lines are situated at the RM2.70 level and the RM2.21 level respectively. In fact, the mid-term technical outlook of HELP will remain bullish as long as it stays at above the 200-day MAV line.
?Although the stock has already lost about RM1.00, the recent retracement is still considered a healthy correction. This is because HELP?s share price has shot up aggressively the last two months from RM2.50 to RM4.80 in about a month,? it said.
OSK Research said there are no signs of the stock starting to consolidate again.
The stock?s share price might continue to drop to the strong support at the 50-day MAV line. The moving average line is now at the RM3.20 level. Next support is seen at the 100-day MAV line, followed by the 200-day MAV line.
The research house said these two lines are situated at the RM2.70 level and the RM2.21 level respectively. In fact, the mid-term technical outlook of HELP will remain bullish as long as it stays at above the 200-day MAV line.
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