AirAsia X
AirAsia X Bhd
extended its rally for a fourth day on bullish momentum yesterday as buying interest in the stock continued to grow.
The technical indicators are showing overbought level of trading but given the strong momentum, the growth is expected to continue over coming sessions.
The daily moving average convergence/divergence (MACD) line is moving at a steep incline above the signal line, suggesting growing bullishness.
Overhead the stock sees resistance at 95 sen and RM1.
Meanwhile, support can be found at 52 sen and 48 sen.
QL Resources
QL Resources Bhd crossed above a recent closing high yesterday to indicate a possible end to the consolidation phase.
Should the buying interest continue, the share price is expected to approach a higher resistance of RM5.92, followed by RM6.18.
The slow-stochastic has climbed to a robust level of 61 points while the 14-day relative strength index (RSI) has also arrived at 61 points.
The MACD has curved higher to suggest growing momentum as it attempts to arrive at the signal line.
Support for the stock is pegged to RM5.42 and RM5.23.
Malaysia Pacific Industries
Malaysian Pacific Industries Bhd is showing renewed buying interest as it spiked up in bullish trading yesterday.
The share price reached above the key simple moving averages (SMA) to approach a high of RM31.70 achieved on Dec 1, 2022.
In the event of a positive crossing, the stock should take on fresh bullish momentum and break out towards a higher resistance of RM34.48.
The technical indices are showing positive movement with the slow-stochastic inching towards the mid-point at 43 points.
The RSI is at a strong level of 65 points, while the MACD has curved higher towards the signal line.
Support can be seen at RM28.76, representing the stock’s recent low, and RM24.86 below that.
The comments above do not represent a recommendation to buy or sell.
