LPI Capital Bhd
is seeing strong buying interest with four consecutive days of gains.
Having broken past the immediate resistance of RM13.30, the share is heading for a price target of RM13.64.
While the technical indices have risen to overbought levels, the momentum continues to grow. The slow-stochastic has risen to 94 points while the relative strength index (RSI) stands at 73 points.
The daily moving average convergence/divergence (MACD) histogram is recording successively higher positive bars to reflect the growing bullish trend.
Support is pegged to RM12.60 and RM12.40.
My EG Services Bhd is inching higher in recovery mode following the sharp sell-off on Aug 5, 2024.
The share is currently facing some resistance the RM1 mark, but upon the end of the consolidation phase, is expected to make a positive crossing towards a more significant hurdle at the RM1.05 point.
There remains some weakness in the technical indicators as the slow-stochastic and 14-day RSI remains below the 50-point mark.
Meanwhile. the MACD histogram is charting positive bars, suggesting improvement in the momentum.
Support for the share is found at 90 sen and 80.5 sen.
Edaran Bhd bounced higher yesterday as it attempted to pull the reins on a correction that began last week.
The slow-stochastic has turned higher from oversold territory, to indicate that a neutralisation phase has begun.
However, the descending MACD histogram suggests that the stock remains in consolidation mode, and will remain trapped for now by the nearby short-term 14 and 21-day simple moving averages (SMA).
Overhead, resistance is seen at RM2.23 and RM2.53. Support can be found at RM1.58 and RM1.30.
The comments above do not represent a recommendation to buy or sell.
