KERJAYA Prospek touched a high of RM2 during intra-day session, the best since April 2005, but finished unchanged. Most of the short term indicators retained their bullish posture, implying there may be more upside. A breach of the RM2.20 barrier would propel the stock up to challenge the heavy resistance of RM2.50. Support is seen at RM1.92 while lower support is at RM1.85, which is the 21-day simple moving average line.
M3 Technologies shares hit a 13-month high of 21.5 sen in early session before paring gains to finish flat, absorbing apparent profit-taking activity. Technically, the stochastic and the 14-day relative strength index are painting a growing overbought condition, suggesting correction may be around the corner. Immediate support is pegged at the 14-day simple moving average (SMA) of 18.5 sen and a crack of the lower 200-day SMA of 15 sen will have negative impact on the outlook in the near term. To the upside, initial resistance is expected at the 26-26.5 sen range and a major breakout of the upper hurdle of 31.5 sen will see the bulls becoming more aggressive.
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