Support Line

TheStar Thu, Apr 13, 2017 07:05am - 6 years View Original


 

ASIAN Pac Holdings rose for the third straight session, pushing prices to as high as 23 sen during intra-day trading, the best since November 2015. For now, the moving average convergence/divergence histogram (MACD) resumes the upward expansion against the signal line to keep the buy call. Also, the stochastic and the 14-day relative strength index (RSI) firm steadily towards bullish territory. Prices are poised to sustain the upward thrust in the immediate term. Initial resistance is expected at the 25-sen mark and a breach of the next upper hurdle of 30 sen will lead to a re-test of the previous rally peak of 35 sen. On the opposite, a crack of the 20-sen support line will spell more downward pressure on correction.

 

MUI Properties hit a 15-month high of 36.5 sen in early session before reversing to settle a tick lower at 35 sen owing to apparent profit-taking activity. Though the stochastic appears curving down from the overbought area, other indicators such as the MACD histogram and the 14-day RSI are still looking good, implying there may be more upside potential. Current resistance is seen at the 40-sen mark, of which a successful penetration will set the stage for prices to challenge the upper resistance of 51.5-52 sen. Initial support is lying at 33.5 sen, followed closely by the 31-sen floor.

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