SP Setia Bhd
jumped displayed strong bullish momentum yesterday as its share price spiked to a multi-year closing high.
The rally serves to affirm the continuation of the stock’s rally towards resistances of RM2.31 and RM2.60.
The slow-stochastic is bullish at 61 points while the 14-day relative strength index (RSI) is also trending higher to a strong 65 points.
The daily moving average convergence and divergence (MACD) histogram is growing more positive, indicating momentum growth.
Support for the share is found at RM1.32 and RM1.06.
Cahya Mata Sarawak Bhd rose off the 14-day simple moving average (SMA) yesterday to signal ongoing strength in its rally.
The share is aiming to surpass the recent trading high of RM1.48, following which it could target the RM2 level.
Looking at the technical indicators, the slow-stochastic has crossed higher to signal bullish momentum while the RSI is sitting at a robust 67 points.
The MACD histogram charted a negative bar for a third straight day yesterday, although the deficit is narrowing, suggesting a change is in the offing.
Support is pegged to RM1.28 and RM1.11.
AWC Bhd rallied for a second straight day yesterday on rising momentum and volume.
The share closed at its highest in recent memory, breaking past a resistance of RM1.27 with a view to move higher towards a price target of RM1.55.
While the slow-stochastic has risen to overbought levels, it continues to rise on strong momentum, in tandem with the RSI, which has crossed into overbought territory at 73 points.
The bullish picture is further supported by the MACD histogram, which has extended a steeply higher positive bar.
Supported for the share lies at RM1 and 81 sen.
