MBM Resources Bhd
extended its rebound yesterday as it reclaimed some of the losses made during the recent profit-taking.
At its current trajectory, it is poised to retake the recent historical trading high of RM5.50, and go beyond as it continues the uptrend.
Based on the daily price chart, the share's ascending trend remains intact with support from the rising simple moving averages.
Support levels can be seen at RM5 and RM4.65.
On the technical indices, the slow-stochastic has turned higher in a bullish crossing to approach the 50-point mid-line.
The 14-day relative strength index (RSI) is bullish at 61 points while the daily moving average convergence and divergence (MACD) histogram has charted a higher positive bar.
Kein Hing International Bhd is looking to continue its upward journey towards a pre-correction high of RM1.55 amid growing consolidation pressure
The share, which has been retracing losses since the start of May, is attempting to reclaim the recent peak as the technical indicators are currently seeing some neutralisation from overbought levels.
A higher resistance can be seen at RM1.70, where the share will close a trading gap from March 2023.
Looking at the indices, the slow-stochastic has dipped to at 72 points while the RSI continues to rise at 66 points.
Support is found at RM1.40 and RM1.25.
Poh Kong Holdings Bhd made another attempt to break out of a consolidation channel yesterday to regain a bullish perch of RM1.35 set in May.
The technical indicators point towards growing positive momentum as the slow-stochastic rises towards the midpoint to 45 points and the RSI is strong at 57 points.
The MACD histogram meanwhile is turning less negative after a period of of falling momentum.
On the lower end of the chart, support is pegged to RM1.14 and RM1.
The comments above do not represent a recommendation to buy or sell.
