Monday, July 22, 2013

Hunza Properties likely to hit RM2.30-RM2.50 levels

Hunza Properties likely to hit RM2.30-RM2.50 levels

2013/07/22

Hunza Properties Bhd staged a technical rebound last week. Its daily price trend rebounded to close at RM2.22 on Friday.

Following are the readings of some of its technical indicators:

Moving Averages: Hunza's daily price trend stayed above its 10-, 20-, 30-, 50-, 100- and 200-day moving averages last Friday.


Momentum Index: Its short-term momentum index continued to stay above the support of its neutral reference line last week.

On Balance Volume (OBV): Its short-term OBV continued to stay above the support of its 10-day moving averages.

Relative Strength Index (RSI): Its 14-day RSI had since stayed above the 50 level. Its technical reading stood at the 64.65 per cent level last Friday.

Outlook

Hunza initiated a technical rebound when it trended in step with the general market trend, posting a week-on-week gain of 22 sen, or 11 per cent.

Its monthly price trend staged a technical breakout of its intermediate-term double-bottom pattern formation last week and continued to stay above its resistance-turned-support trendline last Friday.

Its weekly price trend staged a successful re-test of the support of the neckline of its intermediate-term double-bottom pattern formation (See Hunza's weekly price chart - B1:B2) and had since continued to stay above it.

Its daily price trend staged a technical breakout of its intermediate-term downtrend (See Hunza's daily price trend - C1:C2) last Friday. It continued to stay above its short-term resistance-turned-support trendline on Friday.

Hunza's daily, weekly and monthly fast MACDs (moving average convergence divergence) continued to stay above their respective slow MACDs. All the three-period fast and slow MACDs stayed above their neutral reference lines.

Its 14-day RSI stood at the 64.65 per cent level last Friday. Its 14-week and 14-month RSI were at the 64.70 per cent and 69.78 per cent levels respectively.

Viewing from the perspectives of the technical breakout of the intermediate-term downtrend (C1:C2) on its daily price chart, Hunza's price trend is now poised to move towards its intermediate-term resistance zone (RM2.30-RM2.50 levels).

The subject expressed above is based purely on technical analysis and opi-nions of the writer. It is not a solicitation to buy or sell.



Source/Extract/Excerpts/来源/转贴/摘录: www.btimes.com.my
Publish date: 22/07/13

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