Eye On Stock :Leader Steel

Leader Steel Holdings Bhd (Lsteel; Code: 9881) shares slipped into correction mode owing to an apparent profit-taking activity after peaking out temporarily at a near nine-year high of 66.5 sen on June 9 following a massive rally.

However, the pullback was somewhat shallow, which witnessed prices finding a shelter at the 21-day simple moving average of 56.5 sen on Tuesday. Thereafter, Lsteel made an effort to resume the rally but it was not successful because the bulls simply could not attract strong follow-through interest, as many investors were starting to go away for the long festive break over the weekend.