Oct 24, 2011

MHB Technical Chart - Watch For Trading Opportunity

Chart wise: MHB Bhd (stock code 5186) Sector trading/Services – RM5.89.

Currently, MHB is testing the upper limits of its trading band. A breakout on the upside will pave the way for more gains, but failure  to do so will push the price back into the slightly declining trading band. The immediate support is at RM5.50, a price level it must hold in order to sustain a base to successfully break free from the downtrend. 

On the upside, RM6.00 is the level to break if it is to see higher grounds. Indicators are relatively bullish with rising MACD and RSI although the stochastics is getting overbought.

At the moment, the share price is moving sideways in a tight range, yet to reveal its next step. Until it break a key level, the share price is likely to consolidate further.  mhbMBD Daily Chart

by Mercury Securities