Orna Paper (5065) has recently reversed from minor correction happened between 2-March and 23-March. On 25-March, it gained 4.8% to close at RM1.32 with high volume.

The chart has seen MACD bullish crossing, and went into positive territory. RSI shows that the stock is not overbought or oversold. Stochastic looks positive.

On the moving average, the stock hoovering above 20 days Moving average, and testing its 50 days Moving average which is a good sign of short term bullish momentum. Immediate Resistance is at RM1.375 follow by RM1.42. A stop loss should be placed around RM1.265.

A bit on the company profile. According to its filing with Bursa, Ornapaper Berhad involves in manufacturing and selling of corrugated boards and carton boxes for the manufacturing sector in Malaysia. It offers corrugated boxes in various types, including regular slotted cartons, top and bottom, five panel folders, half-slotted cartons, full overlap slotted cartons, corrugated pads, L shape, H shape, and die-cut corrugated boxes. The company also provides corrugated flutes comprising single, double, and triple wall, as well as single face corrugated fiberboard. In addition, it offers corrugated paper products for furniture, shelves and racks, stationery, and storage boxes. The company was incorporated in 1990 and is based in Melaka, Malaysia.  Other companies in the same business are: Box-Pak, Advanced Packaging, and Public Packages.

In terms of Revenue and net profit, Year on year (2014 versus 2013) Ornapaper Bhd grew revenues 11.47% from 245.63m to 273.80m while net income improved 19.83% from 8.03m to 9.63m.

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