IJM Corp Bhd
is sustaining a rally as it heads towards a historical trading high of RM3.76.
The daily price chart has taken on a bullish trajectory, with the simple moving averages (SMA) offering growing support.
While the technical indicators have crossed into overbought conditions, the strong momentum is expected to continue.
The daily moving average convergence/divergence (MACD) histogram is also affirming a growing bullish trend with successively higher positive bars.
Support for the share is pegged at RM3 and RM2.80.
Sime Darby Property Bhd sidestepped consolidation pressures yesterday to continue a rally near a historical high.Should the share breach the RM1.81 mark, it would chart a new record-high and affirm the bullish trend.
There is some downward pressure seen in the slow-stochastic, which has slipped lower to 57 points.
Although this suggests some profit-taking pressure in the offing, the momentum remains strong with the 14-day relative strength index (RSI) staying upright at 66 points and the MACD histogram sustaining its positive trajectory.
There is support for the share at RM1.60 and RM1.45.
Greatech Technology Bhd stayed above the 200-day SMA line yesterday, although it failed to extend Monday’s rally.
The share is aiming for RM2.63 overhead, en route to a 2024 high of RM2.94.Looking at the technical indicators, the slow-stochastic is strong at 65 points while the RSI rests at 64 points.
The MACD histogram has charted a positive bar, reflecting the swing to a bullish momentum.
This affirms the strong bullish momentum following the breach of the long-term SMA line, which is expected to continue.
Support lies at RM2.20 and RM1.85.
