Malaysian Pacific Industries
Bhd appears to be hanging on to recent gains despite some profit-taking in the technology sector.The stock was seen falling towards the 100-day simple moving average (SMA) on Monday, but it managed to avoid a negative crossing.
Yesterday, the share was seen rising again.
The uptrend remains intact and can take flight once the descending slow-stochastic uprights itself following the conclusion of the neutralisation phase.
The stock is seeing resistance at RM31.70 overhead, a breach of which would see the bulls rise towards a 3½-month high of RM34.48.
On the support end, the stock could find a landing on RM28.32 and RM26.85.
EP Manufacturing Bhd made an intra-day breach of the recent trading peak of RM1.15 yesterday to affirm the bullish mode on the price chart.
The stock crossed above the 50-day SMA line on Tuesday to indicate bullish sentiment, and yesterday’s intra-day performance offered confirmation of the signal despite the share price ending slightly lower.
The daily moving average convergence/divergence (MACD) line is on the verge of making a positive crossing, thereby signaling an uptrend.
Meanwhile, the other indicators remain positive with the slow-stochastic at 71 points and the 14-day relative strength index (RSI) at 65.
Resistance points are seen at RM1.23 and RM1.28 while support can be found at RM1.08 and 98.5 sen.
Chin Hin Group Bhd’s consolidation phase could be over as it made a move higher in yesterday’s session.
The stocks, which has descended from all-time-high levels of trading in recent days, is rearing up for another attempt at a rally.
The slow-stochastic has returned above the oversold line to suggest returning positive momentum while the RSI is also creeping up higher at 49 points.
Resistance is seen at RM3.40 and the record trading level of RM3.58.
Support is pegged at RM3.15 and RM2.99.
The comments above do not represent a recommendation to buy or sell.
