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It triggered a technical rebound upon closing the gap G1. The share price of
Ramunia broke out from an important level of RM1.20, and created a huge 16sen
gap G1 on the chart in late Jan. It rallied higher and penetrated more resistance
levels before reaching a high of RM1.95 in Feb. However, the stock reversed and fell
below the 10-day SMA to trigger a bearish trend. It plunged sharply and touched a
low of RM1.20. It staged a technical rebound upon closing the 16sen gap, but
consolidated again near the RM1.37 resistance level.

Potential recovery if RM1.20 manages to halt selling pressure. As the stock
failed its first challenge on the 10-day SMA near RM1.416 and retreated to below
the RM1.37 level, we see a strong support level near the RM1.20. Given the
relatively neutral position on the momentum indicators, the stock is due to see
strong bargain-hunting activities near the RM1.20 support level. As such, there
could be a potential recovery on the stock if the RM1.20 level manages to halt
selling pressure.