is seeing an uptick in momentum as it edged past the 21-day SMA in yesterday’s trading.Given the growing momentum in the technical indicators, the share price is expected to break free of the moving average and surpass the immediate resistance of 18 sen. The next resistance can be found at 21 sen.
The slow-stochastic shows strong momentum at 77 points while the RSI is also positive at 61 points.
The MACD has met the signal line and continues to ascend past the zero line to suggest the start of a bullish trend.
Support is seen at 13.5 sen and 12 sen.
Pharmaniaga Bhd
jumped above the 200-day simple moving average (SMA) yesterday as it experienced a surge of buying momentum.The stock is continuing a short-term recovery trend, which will see it soon challenge a three-month high of RM5.05.
In crossing, the share price will head towards the next resistance at RM5.30.
The 14-, 21- and 50-day SMAs are gaining bullish momentum, offering a lift from below the share price.
The slow-stochastic is bullish albeit overbought at 89 points while the 14-day relative strength index (RSI) is similarly overbought at 80 points. Support is found at RM4.46 and RM3.93.
MR DIY Group Bhd saw some profit-taking in late trading yesterday following three straight sessions of gains.
It briefly crossed above the uppermost 50-day SMA, indicting bullish sentiment, before slumping down towards the 14-day SMA.
In the event the share price returns above the 50-day SMA, resistance is found at RM4.18 and RM4.38, which represents the stock’s historical trading high.
The technical indicators are looking reasonable with the slow-stochastic rising at 62 points and the RSI at 47 points.
The daily moving average convergence/divergence (MACD) line has also turned bullish as it crossed above the signal line to give a “buy” signal.
Support is found at RM3.72 and RM3.61.
The comments above do not represent a recommendation to buy or sell.