broke out of its sideways trading channel yesterday to signal the return of an uptrend.Rising rapidly past the 50-day SMA, the stock is now targeting December levels of trading.
The resistance level is set in the RM1.62-RM1.66 range, the upper limit of which would take the stock to April 2020 highs.
Following yesterday’s breakout, the RSI has risen to overbought levels but should remain healthy given the strong positive momentum.
The slow-stochastic is also bullish above 50 points, while the moving average convergence divergence or MACD has crossed into a “buy” signal.
Support for the counter is pegged to RM1.47 and RM1.42.
Magnum Bhd
remains caught within a consolidation trend, given the failure to maintain its advance yesterday.However, it remains within striking distance of the resistance at RM2.27, which in crossing would put it in a position to resume its recent short-term uptrend. The next resistance is set at RM2.34.
While moving in range-bound motion in recent sessions, the bullish momentum on the stock remains reasonable. Both the slow-stochastic and RSI are just under the 50-point midline.
Support is found at RM2.18 and RM2.10.
Asdion Bhd
rallied for a second straight day yesterday, which suggests that the recovery is gaining speed.Trading above all the key simple moving averages (SMA), the share price is being lifted by the ascending short-term 14- and 21-day SMAs.
At present trajectory, it should meet the 70-sen hurdle over the coming term before attempting to reach the higher price target of 84.5 sen.
The technical indicators are looking bullish as the slow-stochastic approaches the 50-point midline and the 14-day relative strength index (RSI) is nearing 60 points.
Support for the stock is found at 55 sen and 40 sen.