BINASTRA Corp Bhd met resistance yesterday at the historical high of RM1.34 but failed to close above the level.
Given the bullish technical outlook supported by a rising price trend, the share is expected to overcome the hurdle to chart fresh highs.
The technical indicators are currently overbought, including the slow-stochastic that has risen to 92 points, although the 14-day relative strength index remains healthy and bullish at 63 points.
The daily moving average convergence/divergence (MACD) histogram is charting higher positive bards, indicating growing bullish momentum.
PMB Technology Bhd
picked up some trading interest yesterday, ending above the 21-day simple moving average (SMA) line for the first time in two months.
The growth in the short-term uptrend could see the share rising further towards the 100-day SMA line, meeting resistance at the RM2.44 level. Next resistance would be around the RM3 level.
There was a jump in trading volume yesterday past the two-million-share mark since July, coinciding with a push higher in the technical indices.
The slow-stochastic is overbought at 91 points while the relative strength index (RSI) has grown in strength to 51 points. The MACD histogram, meanwhile, is growing more positive with mounting momentum.
Support for the share is pegged to RM1.60 and RM1.40.
PLS Plantations Bhd surged to an intraday high of 80 sen yesterday but could not hold on to the lofty gains, ending the session on a more modest increment.
There was a notable increase in trading volume in the share, rising to its highest since December 2023.
The share has been caught in a year-long downtrend and despite yesterday's attempt, the declining pattern has not yet been broken, suggesting ongoing weakness.
Looking at the technical indicators, the slow-stochastic has crept higher to 37 points while the RSI has grown to 48 points. The MACD histogram continued to chart negative bars, indicating weak momentum.
Support is found at 65 sen and 35 sen.
The comments above do not represent a recommendation to buy or sell.
