AFTER dropping to an all-time low of 18.5 sen on July 14 amid extended correction process, Green Packet Bhd
(G-Packet) staged a steep rally, pushing prices to a high of 29.5 sen on August 4.
However, the upward momentum was short-lived, as the bulls could not attract follow-through support. Consequently, G-Packet shares came under the pressure to retreat, but just when it looked frail and risked setting a new ebb, a fresh bout of buying interest emerged from the sidelines. This led to a rebound, up from the 19 sen level to reach a high of 29 sen during intra-day session yesterday. G-Packet has been on the upward momentum the past four months. Unlike the previous steep climb, which punctured eventually, this time around it was more consistent albeit on a gradual pace, with investors continuing to indulge in bargain hunting interest. Based on the daily chart, the stock had already penetrated the mid-term bearish descending line recently and they are now on the way to challenge the 29.5 sen-30 sen band. A breach of the band would propel the bulls to challenge the longer-term descending trend line of 45 sen, of which a major breakout would see the fate of this counter changing for the better going forward.
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