Support Line

Bumi Armada set a new all-time low of 72 sen in intra-day session. Except for the moving average convergence/divergence histogram still keeping the buy signal, other indicators, such as the stochastic and the 14-day relative strength index, continue to slide, suggesting the stock will remain under pressure in the short term. Initial resistance is pegged at the 21-day simple moving average of 78 sen and the next upper barrier is resting at the 89 sen-90 sen band.

EKOVEST has jumped to a three-month high of RM1.33. Apparently, all the short-term indicators are painting a pretty promising pictogram, implying prices are poised to tear down the RM1.33 barrier to establish new highs for this year. Another positive breakout of the upper strong hurdle of RM1.45 would see the underlying tome of this stock turning more bullish, enroute to challenge the RM1.68-RM1.70 resistance area. As for the downside, current support is seen at the RM1.18, followed by RM1.12.