Mid-Day Review & Analysis 5 Aug
VIVOCOM opened higher on news of a fresh RM 756 million project in Tronoh, Perak, but the move fizzled as fast as it started on renewed selling from stale-bull liquidation and profit-taking activities and finally ended the morning at 28.5, up half a sen from previously.
Trades ranged from 29.0 to 28.0 on a moderate volume of 28.40 M shares.
Majority of the trades were executed at 28.5 where 15.76 M shares changed hand with sellers throwing down to buyers 10.79 M shares.
At 28.5 sens, 9.80 M shares were traded with sellers giving to buyers 9.35 M shares.
Sellers clearly took the offensive role the entire morning and they gave 70.90 % of total trades to buyers bids.
The icy-reception to the bullish news and general ideas among traders that it was a non-event, encourage them to unwind positions.
The noon session would provide fresh clues as to direction of the immediate price trend.
We have to see if the bulls could display a more bullish character in view of the latest positive fundamentals.
The Quantitative Algorithm signal remained in positive divergence at close and signaledfurther sideways to higher trading.