TheStar Thu, Aug 10, 2023 12:00am - 9 months View Original

PJBumi Bhd bounced above the 21-day simple moving average (SMA) yesterday in a sign the correction period could be over.

The share could now attempt to retrace its recent losses towards a resistance of RM1.20, a successful crossing of which would take it to RM1.53.

The technical indicators are growing more bullish as the slow-stochastic returns from oversold conditions to signal a neutralisation phase.

The 14-day relative strength index (RSI), meanwhile, has grown stronger at 52 points.Support for the share is pegged to 94.5 sen and 78 sen.


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