Support Line
BORNEO Oil shares gained for the third straight session amid continuous bargain-hunting interest. Based on the daily chart, prices remain in consolidation mode. However, with trading volumes piling up and all short-term technical indicators such as the stochastic, the 14- day relative strength index and the moving average convergence/divergence histogram rising, they suggest the fate of this may change for the better. Initial resistance is pegged at the 20-sen mark, followed by the 21.5-sen barrier. A major breakout of the upper heavy resistance of 28.5 sen will signal a bullish turnaround. Support is expected at the 17-sen level and crucial floor is lying at 14.5 sen.
EWEIN hit a six-month high of 86.5 sen during intra-day trading on extended bargain-buying momentum. A positive breakout was sighted on the chart on Tuesday. Though the stochastic and the 14-day relative strength index are painting a growing overbought condition, they show no signs of tapering off just yet while the moving average convergence/ divergence histogram continues to expand upward against the signal line implying prices are likely to sustain the upward thrust on bullish extended-mode, targeting the RM1 mark. A decisive breach of the RM1.10 hurdle will probably lead to a re-test of the historical peak of RM1.56, set on Jan 14 last year. Initial support is seen at the 79-80 sen band
GROMUTUAL spiked for the second consecutive day, pushing prices to as high as 53.5 sen during intra-day trading, the best since August 2014, backed by bigger volumes. Technically, the shortterm indicators are not overbought yet, suggesting there is still room for more scaling in the immediate term. A major breakout of the heavy resistance of 57 sen will open the windows for the bulls to challenge the RM1 mark in the near future. The immediate support is anticipated at 48 sen and an additional floor is set at the 45 sen mark.
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