Support Line

Alcom surged to a high of 85 sen during intra-day session, the best since September 2014 amid fresh buying momentum. A positive breakout of the fairly stiff barrier of 81.5 sen was sighted on the chart, clearing the way for more advances, going forward. The immediate upside objective would be to challenge the RM1 psychological barrier and the next target to test the heavy barrier of RM1.20 mark. As for the downside, current support is seen at the 71-sen level, followed closely by the 66-sen line.

MALAYSIA Airports posted gains for the third straight session, with prices flirting within striking distance of the most recent high of RM6.97 in the wake of renewed buying interest following a brief correction recently. Technically, indicators are promising, suggesting a resumption of a rally may be imminent. A successful breakout would set the stage for the bulls to advance towards the RM7.35 immediate resistance area, or to the RM8 mark. Initial support is envisaged at the RM6.54 level and solid floor is pegged at the lower 21-day simple moving average of RM6.40.