Dayang Selling Climate Persists

Refer to previous post – Dayang Forms A Descending Triangle. (Click here)

After the anticipated retest on 29 April, the trading range narrowed and the descending triangle is formed. The low volume indicated the lack of demand and the stock breaks the RM1.30 support on 13 May. The demands came and traded above RM1.10. However, the lack of volume indicated the demands is low and the selling continued on 23 May.

I reckon the selling might continue due to market sentiment after the proposed right issue. Moreover, the quarter result is not encouraging. (Click here for full image)

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Author: Gerald Koh