Genting Malaysia Bhd
is undergoing a consolidation phase as it attempts to end a nine-month downtrend.
The share, which remains supported by the 50-day simple moving average (SMA) line, is looking for some catalyst to break above the 100-day SMA and arrive at a higher price target of RM2.32.
Higher still, the share is looking at a price hurdle of RM2.45, which in crossing would affirm the return of a sustained uptrend.
The slow-stochastic has jumped up from oversold levels, hitting 33 points and growing stronger. The 14-day relative strength index (RSI) is sitting at 47 points, under pressure from the 50-point mid-line.
Meanwhile, the moving average convergence/divergence (MACD) continue to show falling momentum, with the histogram charting a longer negative bar.
Support lies at RM2.10 and RM2.
SFP Tech Holdings Bhd rose in intraday trading yesterday to breach the 50-day SMA line, but failed to maintain the lead at the close.
The share has seen some sharp profit-taking pressure of late, although the slowing decline could indicate a bottom and retracement to a recent trading high of 76.5 sen.
Further to that resistance, the share is looking at a price target of 82.5 sen. Looking at the technical indices, the slow-stochastic remains submerged in oversold territory.
The RSI is growing stronger at 42 points, while the MACD histogram is seeing a continuation of the negative trend.
Support for the share is found at 66.5 sen and 59 sen.
Tomei Consolidated Bhd slipped below the 50-day SMA yesterday in a sign of continued downward pressure.
The stock’s technical indices have slipped once more into bearish conditions with the slow-stochastic dropping to 12 points and the RSI falling to 40 points.
The MACD histogram has extended a negative bar, suggesting ongoing weakness.
Overhead, the share is seeing resistance at RM1.63 and RM1.75. Meanwhile, support is pegged at RM1.51 and RM1.43. The comments above do not represent a recommendation to buy or sell.
