PJBumi Bhd
bounced above the 21-day simple moving average (SMA) yesterday in a sign the correction period could be over.
The share could now attempt to retrace its recent losses towards a resistance of RM1.20, a successful crossing of which would take it to RM1.53.
The technical indicators are growing more bullish as the slow-stochastic returns from oversold conditions to signal a neutralisation phase.
The 14-day relative strength index (RSI), meanwhile, has grown stronger at 52 points.Support for the share is pegged to 94.5 sen and 78 sen.
Kim Loong Resources Bhd is facing consolidation pressures after a rebound in June-July brought the share back to its 2023 highs.
However, the uptrend remains intact and could continue following a brief period of sideways trading.
A confirmed crossing of the RM1.88 mark in the coming trading sessions should signal the resumption of the share's rally, which going by yesterday's high trading volume, continues to see investor interest.
The slow-stochastic has dropped into oversold conditions but going by the rising RSI and daily moving average convergence/divergence (MACD) line, the outlook remains positive.
Support for the share is found at RM1.85 and RM1.78.
Gamuda Bhd's uptrend remains intact despite a sharp sell-off at end-July, which threatened to send the stock into a correction phase.
The subsequent return above the 50-day SMA suggests the share remains on healthy ground, with an eye to climbing above the recent closing high of RM4.57.
The slow-stochastic has shot into overbought conditions and continues to rise, which points to the strength of the post-July rebound, while the RSI remains healthy at 50 points.
Positively, the MACD has halted its decline and is turning its head higher to indicate the possible restart of an uptrend.
Support can be found at RM4.16 and RM3.78.
The comments above do not represent a recommendation to buy or sell.
