From the historic high of 3.08 on Jan 5, 07, the stock trended down after Ranhill Berhad denied that it would privatize the company. It was then rumored that the offered price was 3.30 to 3.50.
The stock hit a low of 1.98 on March 06, 07 before trending upwards amidst minor ups and downs. Today, the stock suddenly gapped up. From the opening bell, demand for the stock was evident. In between little dips here and there, the stock steadily moved up. At the end of the day it closed at 2.69 (highest of the day) with 1.1759 million units traded. This volume is moderately high for Rubhd.
The chart shows a long white candle which convincingly breached the latest minor high of 2.44. Thus 2.44 is now a support level for the stock. From my point of view, the stock has turned bullish and better things are likely to follow. Privatization? This time, it may be for real.
Should you be interested to learn more about the company, the link is here
The above commentary should not be construed as a recommendation to buy or sell. You buy and sell at your own risk.
