Support Line

KEY Asic shares were seen making a fresh attempt to resume the recovery process in the wake of renewed bargain-hunting buying momentum. Based on the daily chart, a clear penetration of the 25-sen barrier would give investors the confirmation, en route to challenge the 29-30 sen band or the upper resistance of 36-sen mark. The immediate support is antipated at the 17.5 sen level. An additional floor is pegged at the 50-day simple moving average of 16 sen.

MyEG Services pulled back to a low of RM1.93 on Monday, the worst in 2½ months on extended consolidation before bouncing off strongly on fresh-bargain hunting interest. A close above the uppermost 50-day simple moving average (SMA) of RM2.16 will probably see the shares scaling higher to challenge the historical peak of RM2.38, set on Jan 11. On the downside, concrete support is resting at the RM1.90 mark, which is the 100-day SMA line, of which a crack will have a negative impact on its outlook.