GO Hub Capital Bhd is making headway following a positive crossing of the 50-day simple moving average (SMA) earlier this week and is fast approaching its historical closing high at RM1.48
The share has seen a pick up in momentum in recent days, with the daily moving average convergence/divergence (MACD) histogram charting successively higher positive bars. The slow-stochastic has hit overbought levels at 86 points, which could lead to a pause in the rally followed by some consolidation pressure.
However, given the current positive trend, the pullback is expected to be supported by the rising moving averages at the RM1.10 level.
UWC Bhd
recently saw some profit-taking pressure after a three-week rally that took the stock to overbought levels of trading.
However, going by yesterday’s rebound, the share could be attempting to chalk a higher high, and resume the uptrend.
The slow-stochastic, which has fallen below the overbought line to 64 points, remains descending as the share continues to consolidate. The 14-day relative strength index (RSI), however, remains strong at 67 points, while the MACD histogram continues to chart positive bars.
Based on the daily price chart, UWC is looking to cross above the 200-day SMA line and hit a resistance at RM3.24. Support for the share lies at RM2.20 and RM1.77.
ECOWorld Development Group Bhd is finding support at the 50-day SMA line after a recent round of profit-taking.
Yesterday, the share recorded a second straight day of gains to indicate some positive retracement in the price.
Going by the technical indicators, the slow-stochastic is angling higher after falling to a low level of 25 points, while the RSI is also rebounding towards the mid-line at 48 points.
The MACD histogram is charting negative bars but there are signs the downward pressure is alleviating.
Resistance can be seen at RM1.88 and RM2.10 while support is pegged to RM1.72 and RM1.50.
