FIBON rose to a high of 67.5 sen during intra-day session, the best since November 2013, amid follow-through buying momentum. Based on the daily chart, prices are expected to face stiff resistance at the 68.5 sen barrier, of which a major breakout may clear the way for the bulls to sustain the rally to the 90 sen mark, or the RM1 psychological level in the near-term. Concrete support is pegged at the 14-day simple moving average, now resting at the 51.5 sen floor, and still rising.
ONLY World Group shares hit a high of RM2.85 during intra-day session, inching nearer to the historical peak of RM2.99, set on July 24, amid renewed bargain hunting interest. Technically, all the short-term indicators, such as the stochastic, the 14-day relative strength index and the moving average convergence/divergence histogram are painting a promising landscape, implying prices are poised to explore the unknown territory soon. Initial support is lying at RM2.69 and solid support is seen at the RM2.52 level, which is the 100-day simple moving average line.
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