THE overall market sentiment continued to improve further yesterday. However, its advance-decline ratio did not reflect yesterday's rebound gains. Advancing counters managed to edge decliners by 377 to 357.
The Kuala Lumpur Composite Index staged another follow-through rebound to close at the day's high of 903, giving a day-on-day gain of 6.12 points, or 0.68 per cent. Yesterday, another lower-liner made its way into the top 17 most active counters' list.
Hai-O Enterprise Bhd staged a technical rebound to close at RM1.15 yesterday, giving a day-on-day gain of 16 sen, or 16.16 per cent. Chartwise, Hai-O's daily price trend fell from its high of RM1.06 on November 26, 2001 to its intra-day low of 95 sen on December 13 2004, giving a total loss of 11 sen, or 10.38 per cent.
Hai-O's short-term price trend (60-minute chart) staged a techical breakout of its overhead resistance (B1 :B2) yesterday. Since then, its hourly price trend has stayed above its support (B1 :B2).
Its hourly fast MACD (moving average convergence/divergence) staged a ''golden cross'' of its hourly slow MACD yesterday. Its hourly fast and slow MACDs continued to stay above their respective neutral reference lines.
Judging from yesterday's trading behaviour, Hai-O's hourly price trend may consolidate its sharp gains before resuming its techinal rebound. Its overhead resistance zone is hovering at the RM1.17-RM1.27 levels.