MN Holdings Bhd
hovered above the 14-day simple moving average (SMA) line yesterday after falling for a third straight day.
However, going by the strong support on the daily price chart, the stock is expected to resume an uptrend after a brief consolidation, to break past the recent high at RM1.31.
Following the mild profit-taking, the slow-stochastic has dipped to 36 points,
The 14-day relative strength index (RSI) is robust at 61 points while the daily moving average convergence/divergence (MACD) histogram has charted a negative bar to reflect the negative momentum.
In the event of further decline, there is support at RM1.20 and RM1.11.
Genetec Technology Bhd found support in the form of the 14-day SMA line yesterday after four successive days of profit-taking.The share remains well-supported by the short-term SMA lines and rising 50-day SMA, suggesting a resumption of an uptrend after a brief period of consolidation.
Looking at the technical indicators, the slow-stochastic has slipped to a weak 16 points. However, the RSI remains strong at 58 points while the MACD histogram has charted a negative bar.
Should the share halt the decline, it could extend its retracement past the recent high of RM1.51, and rise further to the RM2 level.
Support is found at RM1.30 and RM.10.
DRB-Hicom Bhd has found support at the 50-day SMA line, after another day of decline yesterday.However, there is a mixed message in the momentum indicators, which suggests the share could retrace to a recent trading high at RM1.12 and beyond to RM1.23.
The slow-stochastic is recovering at 38 points while the RSI has slipped below the midline at 46 points.
The MACD, meanwhile, has charted a negative bar, reflecting negative momentum.
Support is pegged at 98 sen and 90 sen.
