Power Root
Power Root Bhd
surged past above the 21-day simple moving average (SMA) yesterday as it makes a bid to recover from its recent correction.
Bolstered by strong rising momentum, the share has tentatively crossed the 100 and 200-day SMA lines, and is poised to overcome the resistance of RM2.12.
A positive breach of the hurdle could see the share rise to a December 2022 high of RM2.36.
Looking at the technical indices, the slow-stochastic has climbed into overbought conditions but remains on a strong upward trajectory.
The 14-day relative strength index is robust at 66 points while the daily moving average convergence and divergence line has signalled bullish momentum.
Support is found at RM1.86 and RM1.70.
Senheng New Retail
Senheng New Retail Bhd bounced off a historical bottom yesterday to show signs of consolidation.
The stock is caught under a steep descending trend line, but for the time-being there could be some positive retracement from bargain-hunting activities.
Based on the daily price chart, the share is facing strong downward pressure from the falling SMA lines.
However, should the stock continue to neutralise from its oversold condition, the share price could make an attempt to cross the 57 sen resistance.
Further resistance can be seen at 65 sen.
Support is pegged to the all-time low of 49.5 sen, which in crossing would indicate the continuation of the downtrend.
Computer Forms
Computer Forms (M) Bhd remains in a bullish mood following its crossing above the short-term SMA lines yesterday.
The share price is climbing on bullish momentum towards an all-time closing high of RM2.92 as it attempts to end a consolidation phase and resume its uptrend.
The technical indices remains robust with the slow-stochastic rising to 74 points and the relative strength index ascending to 67 points.
The moving average convergence and divergence has also turned higher towards the signal line, which in crossing, would see a spark to the rally.
On the lower end of the chart, support is pegged to RM2.66 and RM1.98.
The comments above do not represent a recommendation to buy or sell.
