IREKA Corp Bhd (Ireka; Code: 8834) shares tumbled to a low of 48 sen on March 4, the worst since June 2006 after a prolonged downtrend. That was the trading pattern until late last week, where this stock suddenly spiked amid a fresh bout of buying momentum. For now, the prevailing trend remains bearish, but Ireka appears making a fresh attempt to recover. Also, the daily moving average convergence/divergence histogram expanded sharply and positively against the daily signal line to keep the bullish note. Technically, most of the indicators are encouraging, implying Ireka shares are likely to strengthen in the immediate term, with a great potential of making a major breakthrough going forward.

Source: The Star October 08, 2016 00:33 UTC