SupportLine: Kelington, MNRB, LCTitan

TheStar Thu, Jul 29, 2021 12:00am - 1 month ago View Original

Kelington Group 280721

Kelington Group Bhd remains afloat of a short-term ascending trendline as it attempts to reclaim a historical trading high achieved in mid-February this year.

The counter faces an immediate resistance at RM1.29, which in crossing should free the bulls to roam towards the all-time peak.

The slow-stochastic is looking bullish at 66 points and remains on an ascending path. The relative strength index (RSI) is also gaining momentum at 69 points.

On the lower end of the chart, there is rising support from the short-term simple moving averages (SMAs). Immediate support is found at RM1.17, which coincides with the 14-day SMA, while next support is pegged to RM1.12.

MNRB 280721MNRB 280721

MNRB Holdings Bhd gapped up at the opening bell yesterday on a surge of rising momentum but ended on a weaker note.

The stock met resistance at RM1.38, which it failed to cross, leaving the share open to profit-taking. The counter remains bullish, with the technical indicators showing healthy momentum. In the event of continued buying interest, the share price will breach RM1.38 and head towards RM1.45.

Support for the counter is found at RM1.23-RM1.26.

LCTitan 280721LCTitan 280721

LOTTE Chemical Titan Holding Bhd’s short-term uptrend could be taking a pause for consolidation after failing to cross above the immediate resistance.

The share price has been climbing towards the 50-day SMA, which it challenged on Tuesday but failed to breach. Selling pressure yesterday saw the stock retreating on profit-taking to stop near a support to suggest the start of range-bound trading.

Looking at the technical indicators, the slow-stochastic has taken a dive, suggesting weakening momentum. The 14-day RSI has also crossed below the 50% point at 45 points.

In the event of a positive breach of the 50-day SMA, the share price could rise towards the next target of RM3.18, which would return it to early June levels of trading.

Support is found at RM2.76 and RM2.60.

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