Hai-O had on 15/1/2010 rebounded off the upward sloping trend line extended from RM6.11 to connect the other low of RM6.96 to reach a day high of RM8.83 before settled at RM8.62.
Price Direction …..
In view of an increase in market participation, the stock could be expected to trade sideways in coming day(s) with an overhead resistance at RM8.83.
What to watch for ….
A turnaround of prices to close below RM8.20 level would likely see an immediate short term reversing direction in the stock.
source: Mercury Securities