Support Line

KAWAN Food established a new all-time high of RM2.60 amid follow-through buying interest. Technically, all the short-term indicators imply prices are likely to extend the upward thrust into the unknown territory until the extreme overbought condition kicks in. Support is pegged at the 14-day simple moving average of RM2.42.

MCLEAN Technologies recovered to an intra-day high of 20 sen, the best level since March 2012, on continuous bargain-hunting activity. Based on the daily chart, prices are likely to encounter significant resistance at the 24 sen barrier, a successful penetration of which may clear the way for the bulls to cover the 27.5 sen-28.5 sen gap. Support is resting at 17.5 sen, followed closely by the 16 sen mark.