Follow-through rebound likely

SHARE prices on Bursa Malaysia rebounded after a short pause last week. Its overall declining counters outpaced its advancing counters by 354 to 238.

The FTSE Bursa Malaysia Composite Index (FBM KLCI) rebounded from its intra-day low of 1,203.27 points to close at its intra-day high of 1,210.61 yesterday, giving a day-on-day gain of 4.36 points, or 0.36 per cent.

Notion Vtec Bhd (Notion) staged a technical rebound yesterday. Its daily price trend closed at 47 sen, giving a day-on-day gain of 4 sen, or 9.30 per cent.

Chartwise, Notion's daily price trend rose from its low of 26.5 sen on May 20 all the way up to its intra-day high of 44 sen on September 28, posting a total gain of 17.5 sen, or 66.04 per cent.

Its hourly price trend staged a technical breakout of its short-term overhead resistance (B3:B4) yesterday. Its hourly price trend continued to stay above its intermediate-term up-trend support (B1:B2).

Its hourly fast MACD (moving average convergence divergence) staged a "golden cross" of its hourly slow MACD yesterday.

Both of its hourly fast and slow MACDs continued to stay above their respective neutral reference lines.

Notion's hourly price trend is likely to stage a follow-through rebound.