Tomei Consolidated Bhd
is making a bid to return to its historical trading high of RM2.16 recorded in May.
The gold merchant gapped up on renewed buying interest, and looked poised to cross an immediate hurdle of RM1.95 before making its way higher.
Looking at the technical indicators, the slow-stochastic is perking up above the 35-point line.
The 14-day relative strength index (RSI) is rising at a strong 58 points while the daily moving average convergence/divergence (MACD) histogram has taken a steep rise, suggesting growing bullishness.
Support for the share is found at RM1.77 and RM1.60.
Top Glove Corp Bhd is picking up speed as it challenges the resistance at RM1.25 with an eye towards a higher goal of RM2.09.
Based on the daily price chart, there is a growing uptrend supported by rising key simple moving averages (SMA), while momentum remains bullish.
The slow-stochastic has risen to 72 points while the RSI remains robust at 64 points. The MACD histogram has extended to a higher positive bar to affirm the positive momentum.
Support for the share is pegged to RM1.15 and RM1.05.
Leong Hup International Bhd is struggling against the resistance at 67 sen, with neutralising momentum suggesting the start of a consolidation period.
While the share has been poised to break free of the immediate hurdle towards a higher resistance at 72.5 sen, a decline in the slow-stochastic below the overbought line indicates a period of profit-taking could be in store.
However, the RSI remains strong at 67 points while the MACD histogram remains positive, suggesting the upside remains intact and the uptrend could resume shortly.
Support for the share lies at 60 sen and 55 sen.
The comments above do not represent a recommendation to buy or sell.
