JHM Consolidated set a new record for the second straight day, hitting a high of 67.5 sen in the morning before reversing to close a shade lower owing to an apparent profit-taking activity. Apparently, all the short-term indicators are keeping their bullish posture, but the growing overbought condition suggests correction in the immediate term. Initial support is seen at the 63-sen level, followed closely by the 60-sen mark. The lower 14-day simple moving average, resting at the 56-sen level is seen as a strong floor.
KUB Malaysia rose for the fourth consecutive session on persistent bargain hunting, pushing prices to a high of 33.5 sen during intra-day session, the best in nearly six months. Based on the daily chart, a positive breakout of the uppermost 200-day simple moving average line was sighted on Monday, clearing the way for more scaling going forward. The immediate resistance is expected at the 35-sen mark, of which a successful penetration will propel the shares higher to challenge the mid-term bearish descending line of 47 sen. Current support is envisaged at the 30-sen mark and an additinoal floor is pegged at the 26 sen level.
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