EKSONS Corp shares dropped to a low of 83.5 sen during intra-day session, the worst since May 25, 2010 amid persistent liquidation pressure. The moving average convergence/divergence histogram retained the posture sharply below the signal line to keep the bearish note. In addition, the stochastic momentum index gave no sign of reversing up just yet despite reaching the oversold area. Given the frail reading, any recovery is likely to be short-lived, unless renewed buying emerges.
Initial resistance is anticipated at the 91 sen-92 sen band, followed by the 96 sen barrier. A breach of the 80 sen line may drag the shares down to the 74 sen level.
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