Support Line

TheStar Thu, Sep 07, 2017 07:55am - 6 years View Original


EKSONS Corp shares dropped to a low of 83.5 sen during intra-day session, the worst since May 25, 2010 amid persistent liquidation pressure. The moving average convergence/divergence histogram retained the posture sharply below the signal line to keep the bearish note. In addition, the stochastic momentum index gave no sign of reversing up just yet despite reaching the oversold area. Given the frail reading, any recovery is likely to be short-lived, unless renewed buying emerges.

Initial resistance is anticipated at the 91 sen-92 sen band, followed by the 96 sen barrier. A breach of the 80 sen line may drag the shares down to the 74 sen level.

mTOUCHE Technology touched near five-month lows of 19.5 sen late last month on extended correction. Technically, the stochastic and the 14-day relative strength index are inching up gradually. The downward pressure on the moving average convergence/divergence histogram has paused, signalling this stock may have ebbed. Based on the daily chart, the stock is expected to face significant resistance at the 14-day and 21-day simple moving average of 25 sen and 30 sen respectively. Current support is lying at 18 sen, beyond that 13 sen.

UCHI Technologies climbed to a high of RM2.30 in mid-session, the best level since January 2008. Technical indicators signal that the bullish note may continue. A breach of RM2.35 will probably push it to challenge the stronger hurdle of the RM2.44-RM2.45 band. Initial support is anticipated at RM2.22 while a more concrete level is set at the 14-day simple moving average of RM2.13.

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EKSONS 0.520
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