Support Line

TheStar Thu, May 26, 2016 09:08am - 5 years ago

CLIQ Energy shares rose from a near seven-month low of 67 sen on April 20 to a high of 70 sen during intra-day session amid renewed bargain hunting interest. Based on the daily chart, the stock is likely to face stiff challenges at the 70.5 sen barrier, of which a successful breach would trigger a positive breakout, clearing the way for more advances in the immediate term, targeting the 75 sen-75.5 sen band.

The next upper strong hurdle is expected at 78.5 sen while initial support is lying at the 69 sen floor, followed closely by the recent ebb of 67 sen.

AFTER the recent brief correction, Leader Steel Holdings recovered to a two-week high of 35.5 sen during intra-day session in the wake of fresh buying. Technically, indicators are painting an encouraging pictogram, implying prices may firm on follow-through interest. A breach of the 36 sen barrier followed by a decisive penetration of the 38 sen hurdle would propel prices up to challenge the upper 50 sen psychological level. The immediate support is pegged at 31 sen and 29.5 sen, which is the 14-day and 21-day simple moving average respectively.

A FUTILE attempt to renew the five-year high of 52 sen, which was hit the previous day, prompted some investors to book gains, resulting in Resintech trading marginally lower yesterday. Despite the loss, technical indicators are bullish, suggesting the stock may resume a rally later. A fairly strong resistance can be expected at the 57 sen-60 sen. Current support is anticipated at 48 sen with 44 sen the next level.

# The comments above do not represent a recommendation to buy or sell.

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CLIQ 0.720
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