Eversendai Corp Bhd
made a break out of its trading channel yesterday to extend a short-term uptrend on strong buying interest. The counter's trading volume surged to its highest in nearly three years while the share price arrived at an intra-day high of 23.5 sen.
The break out could see the start of a recovery towards a resistance of 35.5 sen, and higher still to 45.5 sen.
The technical indicators are robust with the slow-stochastic remaining healthy at 70 points while the 14-day relative strength index is overbought at 79 points.The daily moving average convergence/divergence (MACD) line, meanwhile, has spiked higher at a sharp angle, signalling strong bullish momentum.Support can be seen at 13.5 sen and nine sen.
Parkson
Parkson Holdings Bhd continues on an ascending trend line that began in May this year. Going by yesterday's positive performance, the share is expected to continue climbing, with support from the key simple moving averages (SMAs). Should the share cross above the resistance of 37.5 sen, it stands to proceed to a higher price target of 50 sen.
The slow-stochastic has started descending in overbought territory, which could indicate the start of a consolidation phase. However, the MACD remains bullish and the RSI continues to rise at a robust level of 62 points.Support is pegged to 28 sen and 24 sen.
DXN
DXN Holdings Bhd is expected to be supported by bargain-hunting activities as the share retraces from oversold levels.Following a recent selldown, the share could be attempting to return to higher ground with resistance levels at 67 sen and 70 sen. However, momentum levels remains weak with the slow-stochastic angling higher towards neutral territory and RSI only just crossing above the oversold level at 31 points.
Should the buying support fail to materialise, the share enter a sideways trading channel with support at the 60.5 sen mark.
The comments above do not represent a recommendation to buy or sell.
