PT Resources
PT Resources Holdings Bhd
is following through on a rally that put the stock on a more bullish footing.
Given the positive outlook of the daily price chart, the share price is expected to continue the rising trend line that began with a rebound on Jan 13, 2023.
The stock is staring at the historical trading high of 65 sen, which could be challenged in the coming days as the buying momentum continues to grow.
Looking at the technical indices, the slow-stochastic has risen to 65 points while the 14-day relative strength index (RSI) is robust at 74 points.
Support is pegged to 55 sen and 51 sen.
DKSH
DKSH Holdings (M) Bhd challenged a resistance of RM4.89 yesterday but failed to breach the hurdle by the end of the day’s trading.
The stock is showing mixed signals with a rising daily convergence/divergence (MACD) line and an RSI that has crossed into overbought territory.
However, the slow-stochastic is descending, which suggests a consolidation phase is in the offing.
Short of a confirmed crossing of the resistance, which could see the stock attempt to forge ahead to RM5.35, DKSH is expected to remain range-bound.
Support for the share is found at RM4.51 and RM4.02.
Hume Cement Industries
Hume Cement Industries Bhd surged yesterday amid a spike in trading volume to suggest the resumption of buying interest in the stock.
Based on the daily price chart, the share is angling towards a resistance at RM1.24, which in crossing could take it to a higher price target of RM1.45
There are mixed signals in the technical indices as the slow-stochastic has fallen below the overbought line while the MACD and RSI are rising at a steep angle.
However, given the bullish short-term trend line and lift from the short-term SMAs, the stock is expected to continue its recovery that began in October 2022.
Support for the share is found at 90 sen and 77 sen.
The comments above do not represent a recommendation to buy or sell.
