Support Line

Barakah Offshore has found a temporary shelter at the four-month lows of 82 sen during the recent correction phase. Going forward, prices are likely to trade sideways to marginally firmer, with most of the short-term indicators improving gradually. Significant resistance is expected at the 92.5 sen-96 sen band. If the 82 sen floor is violated, the all-time ebb of 72 would be vulnerable.

KUMPULAN Fima traded a shade higher amid light bargain-hunting interest. Based on the daily chart, this stock remains in correction mode and it will stay that way, as long as the falling 200-day simple moving average RM2.05 and the heavy resistance line of RM2.10 are intact. A slip below the RM1.92 floor may drag prices lower to the RM1.80-RM1.82 range or the RM1.74 mark.