SMRT Holdings Bhd
is on a tear and poised to end the week with healthy gains.
The share rose for a second straight day yesterday, extending a breakout performance that began last Friday as it reached new historical highs.
The slow-stochastic is showing some selling pressure as it neturalised below the overbought line, suggesting some profit-taking in the offing.
However, the momentum in other indicators remain robust with the 14-day relative strength index (RSI) rising to 76 points and the daily moving average convergence and divergence (MACD) histogram embarking on a strongly bullish trend.
There is support for the stock at RM1.01 and lower at 91 sen.
Teo Seng Capital Bhd maintained a rally yesterday, affirming a break out of a consolidation channel.
It is heading towards a resistance of RM2.06, and beyond that, a record trading level of RM2.47.
As the overbought technical indicators continue to rise, there are indications that the rally could continue before taking a breather.
The slow-stochastic sits at 88 points while the RSI rests at 74 points. The MACD histogram is also on a growing trend with successively higher positive bars.
Support for the share is pegged to RM1.80 and RM1.66.
Tanco Holdings Bhd continued its rebound for a fourth consecutive day yesterday to return above the short-term simple moving averages.
Last week's correction, which saw the stock fall off a recent peak of RM1.10, looks likely to be erased given the ongoing bullishness that has returned to the share.
In the event of a successful breach, the share could be looking at a higher target of RM1.27.
At present, the slow-stochastic remains rising at a strong level of 58 points while the RSI is also strong at 55 points.
The MACD histogram has been negative in recent weeks but the narrowing negative bar indicates a gradual return to positivity.
Support for the share is pegged to 95 sen and 70 sen.
The comments above do not represent a recommendation to buy or sell.
