GENTING Malaysia slipped into mild correction mode after setting an all-time high of RM4.70 on April 14. In the short term, prices are expected to stay in consolidation until a clearer picture emerges. A breach of the historical peak would send the bulls into unknown territory. Initial support is pegged at the 50-day simple moving average of RM4.24, followed by the RM4.13 level.
PERWAJA Holdings traded mostly range-bound the past week, undergoing consolidation. Technically, this stock is expected to firm following a bullish breakout recently. A successful penetration of the relatively strong resistance of 13 sen would propel prices up to the 21 sen-22.5 sen band while immediate support is resting on the 10-sen mark.