The last two months saw increased buying of the stock. A share in fallow for almost 2 years,at a low of 70 sen in March 2009. It started to stir after the buying of BORCOS Shipping to strengthen its operations in East Malaysia.There must be some magic somewhere that started this buying spree. I do not know the reason but the collection has been substantial.
AFTER scaling to an all-time high of RM1.90 on Jan 7, Dayang Enterprise turned range-bound on continuous bargain hunting that alternated with profit-taking activity on consolidation. Apparently, the moving average convergence/divergence histogram remains bullish, indicating investors can accumulate more on weakness. A push above the recent peak may propel prices to the next upper hurdle of RM2.10. Support is expected at RM1.75.
I believe it is a cornered stock in some respect with little float. That is why the bargaining always bring the stock a notch or two up, few cents better every trading day in the last week or so.
Watch this counter.
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