REDTONE International hit a four-month high of 73 sen during intra-day session amid follow-through bargain hunting following the recent breakout. Apparently, the moving average convergence/divergence histogram continues to expand upward against the signal line, suggesting more scaling in the pipeline. A breach of the 75-sen barrier is likely to clear the way for the bulls to challenge the upper heavy resistance of 90-sen mark in the near term. Initial support is resting at the 70-sen line and an additional floor is pegged at the 100-day simple moving average of 67 sen.
THREE-A Resources shares reversed from an early three-month high of RM1.17 to finish a shade lower owing to an apparent profit-taking activity. In spite of the easier close, indicators still are positive. Based on the daily chart, prices are expected to face stiff challenges at the RM1.26 level, of which a clear penetration would give investors the confirmation that this stock is indeed on a new leg of uptrend, enroute to test the upper strong resistance of RM1.40. Initial support is seen at RM1.10 floor, followed closely by the RM1-RM1.03 band.
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