IJM Corp Bhd
is undergoing a consolidation phase after a stellar rally last week.
The share is taking a breather as the slow-stochastic index neutralises from overbought levels, although the daily moving average convergence/divergence (MACD) histogram is still extending positive bars, indicating the continuation of an uptrend.
Based on the robust momentum, the rally is expected to pick up again with the initial resistance seen at the recent high of RM2.15 while a higher target can be found at RM2.37
Support levels are pegged to RM1.95 and RM1.85.
UMS Holdings Bhd is hovering near a recent high of RM2.20, but is poised to surpass the hurdle as bullish momentum returns to the share.
The slow-stochastic is neutralising from overbought conditions while the 14-day relative strength index remains rising at a robust 66 points while the MACD is growing more bullish.
Based on the daily price chart, the uptrend is set to continue towards a higher trading level of RM2.75.
Support for the share is found at RM1.90 and RM1.76.
Ta Ann Holdings Bhd is on a rebound following the sharp decline on the first trading day of the new year.
The share has surpassed the short-term 14 and 21- day simple moving averages (SMA), which would see the share rise towards the recent high of RM3.70.
In crossing the resistance, the share could head towards the higher resistance of RM4.07 set in December 2022.
Looking at the technical indicators, there is a promising picture forming as the slow-stochastic is rising at a strong 76 points while the RSI has risen past the 50-point mark.
The MACD line remains negative but has turned its head higher to approach the signal line in a sign of growing bullishness.
Support for the share is found at RM3.40 and RM3.25.
The comments above do not represent a recommendation to buy or sell.
