SHARE prices on Bursa Malaysia fell across the board on concern of the United States airstrikes in northern Iraq.
An analysis of the performances of the 30 index-linked components showed that 16 of the 30 heavyweight index-linked components posted week-on-week losses, with the FTSE Bursa Malaysia KLCI’s (FBM KLCI) closing at 1,839.87 last Friday, and a week-on-week loss of 23.47 points, or 1.26 per cent.
As the market unfolded during the week, the FBM KLCI hit its intra-week high of 1,876.69 last Tuesday.
It closed marginally below its downside support of 1,840 after briefly hitting its intra-week low of 1,837.28 points last Friday, giving an intra-week trading range of 39.41 points.
The FBM Small Cap Index lost 165 points, or 0.87 per cent, to 18,850.98 level while the FBM ACE Index gained 47.24 points, or 0.67 per cent, to 7,065.39 last Friday.
Ho Hup Construction Company Bhd staged a technical rebound last week. Its daily price trend rebounded to close at RM1.46 last Friday.
Following are the readings of some of its technical indicators:
Moving Averages: Ho Hup’s daily price trend stayed above all its 10-, 20-, 30-, 50-, 100- and 200-day moving averages.
Momentum Index: Its short-term momentum index continued to stay above its neutral reference line last week.
On Balance Volume (OBV): Its short-term OBV stayed 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 69.94 per cent level last Friday.
Outlook
Heavyweight index-linked counters continued to consolidate further last week.
Selective Main Market and second and third liners registered notable week-on-week gains.
Ho Hup is one of these counters, with a week-on-week gain of 12 sen, or 8.96 per cent.
Chartwise, Ho Hup’s monthly price trend staged a successful breakout of its intermediate-term double-bottom pattern formation before rebounding to higher levels on Friday.
Ho Hup’s weekly price trend staged a technical breakout of its downtrend (See Ho Hup’s weekly price chart — B3:B4) last Friday.
Its weekly price trend continued to stay above its intermediate-term downside support (B1:B2) on Friday.
Ho Hup’s daily price trend staged an overhead penetration of its intermediate-term neckline (See Ho Hup’s daily price trend — C3:C4) Earlier, its daily price trend stepped out of its intermediate-term downtrend (C1:C2).
Its daily, weekly and monthly fast MACDs (moving average convergence divergence) continued to stay above their respective slow MACDs last Friday.
Its 14-day RSI stood at the 69.34 per cent level. Its 14-week and 14-month RSI were at the 57.58 and 75.17 per cent levels respectively.
The technical breakout of its intermediate-term neckline (daily chart –C3:C4) on its daily price chart augurs well for its near-term perspectives.
Ho Hup’s price trend is now poised to move towards its immediate overhead resistance zone (RM1.50 to RM1.70 levels).