Gamuda Bhd
made a fifth consecutive day of gains yesterday as it continues its recovery to a historical closing high of RM8.29.
Following the stock’s steady climb, the MACD histogram is flashing a growing uptrend, while the RSI remains strong at 68 points.
The slow-stochastic is overbought and was seen descending to signal a potential pause in the rally. However, given the ongoing positive trend, the share looks likely to continue its ascent following a brief consolidation. Support for the share lies at RM7.40 and RM6.95.
Sime Darby Property Bhd remains afloat of the 50-day simple moving average after having made a successful crossing earlier this week.However, the share is facing some selling pressure as the slow-stochastic attempts to neutralise from overbought conditions.
The positive trend remains intact with the stock looking to approach the recent high of RM1.69. Support for the share is pegged to RM1.30 and RM1.16.
The daily moving average convergence/divergence (MACD) histogram continues to see higher positive bars being charted while the 14-day relative strength index (RSI) is bullish at 57 points.
Leong Hup International Bhd jumped past an immediate resistance yesterday on high trading volume, signalling a resurgence of buying interest.The share was seen picking up towards a higher target of 72.5 sen, a crossing of which would see it approach 78 sen.
Based on the daily price chart, the short-term SMA lines are reflecting the growing uptrend.
The MACD histogram and RSI are also indicating growing momentum, although the slow-stochastic is descending from overbought levels, which may lead to a breather as the share price consolidates.
Support for the share is found at 63.5 sen and 58.5 sen.
