THE FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) rebounded further to close at 1,444.87 yesterday, posting a day-on-day gain of 16.37 points, or 1.15 per cent.

On Bursa Malaysia, gainers outpaced losers by 677 to 174.

Benalec Holdings Bhd staged a technical rebound to close at RM1.20, giving a day-on-day gain of 6 sen, or 5.26 per cent.

Chartwise, Benalec’s daily price trend fell from its high of RM1.38 on August 17 to its low of RM1 on September 23, loss of 38 sen, or 38.00 per cent.

Its 60-minute price trend trended staged a technical breakout of its intermediate-term downtrend (B1:B2) and continued to stay above it.

Its 60-minute fast MACD (moving average convergence divergence) stayed above its 60-minute slow MACD yesterday. Both its 60-minute fast and slow MACDs continued to stay above their respective neutral reference lines.

Benalec’s 60-minute price trend is likely to stage a follow-through rebound to rechallenge its overhead resistance at the RM1.21-RM1.30 levels over its near-term perspectives.–BTimes

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