Eye on Stock, Alcom Group
ALCOM Group Bhd (code: 2674) made a reversal on Thursday following a strong catalyst that saw a positive upturn in momentum.
Investor interest in Alcom surged to an all-time high with 6.014 million shares traded. Yesterday’s trading volume remained elevated above four million.
Prior to the positive price action, the stock had been on a downtrend since end-June 2017 and the technical outlook had been overwhelmingly bearish.
Given the protracted descent, the key simple moving averages (SMA) on the counter were negatively crossed, and it would take more than a brief spike in share price to untangle the “death cross” situation on the SMAs, i.e. the long-term bear market is not yet over for Alcom.
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