made a strong advance yesterday it what could be seen as an attempt to break free of its short-term dowward trend.The stock has been undergoing a correction since a sharp rally ended on March 10.
However, the profit-taking could be ending at this stage as investors pick up on bargains.
The slow-stochastic is approaching 40 points to suggest growing strength while the 14-day relative strength index has risen past 50 points..
Resistance is found at RM1.74 and RM1.83 while support is pegged to RM1.61 and RM1.57.
AWC Bhd
made a second straight day of gains yesterday to erase the losses from its recent correction.At its current trading level, the stock is hovering near a recent high of 74.5 sen achieved on March 15, which in breaching would see a resumption of the uptrend. A higher price target can be seen at 81 sen.
Based on the daily price chart, the bulls remains in play with the key simple moving averages (SMA) offering lift to the share price.
The technical indicators are also showing evidence of growing bullish momentum with the slow-stochastic returning above 40 points and the RSI pushing higher at 65 points.
Support is found at 62.5 sen and 53 sen.
MCT Bhd
extended its bounce in intra-day trade yesterday, suggesting it could be poised to resume an uptrend.At present, the stock is attempting to reclaim its recent peak at 27.5 sen, whereby it would then attempt the next hurdle at 29.5 sen.
The SMA lines are in favour of further upside as they offer growing support for the stock.
Looking at the technical indicators, the slow-stochastic is neutralising from oversold conditions, and the RSI remains bullish at over 50 points.
Support is pegged to 22.5 sen and 21 sen.
The comments above do not represent a recommendation to buy or sell.