Support Line

Bright Packaging recovered to a 4½-month high of 60 sen amid continuous bargain-hunting interest. Apparently, the moving average convergence/divergence histogram is bullish, indicating more scaling in the pipeline, with resistance anticipated at the 62-sen mark, followed by the 70-sen level. Current support is pegged at the 100-day simple moving average of 51 sen.

FCW Holdings fell to a low of 97 sen (the immediate support floor) on Jan 6, the worst level in 6½ months before stabilising. Technically, prices are expected to inch higher due to oversold position, but the upside potential may be capped, either at the 14-day simple moving average (SMA) of RM1.12 or at the upper 200-day SMA of RM1.23.