Palette Multimedia

PALETTE Multimedia traded generally range-bound, absorbing a bout of profit-taking selling after hitting a high of 25 sen last Friday, the best since January 2004. Though the 14-day relative strength index had curved down from the overbought area, other short-term indicators retained the bullish posture, suggesting more upside potential may be in store. The immediate resistance is seen at 27 sen and the next upper hurdle is expected at the 30-sen mark. As for the downside, support is resting at the 20-sen level, followed by the 17-sen line and the next, at the 14-day simple moving average of 15 sen.