BORNEO Aqua Harvest recovered to a 2½-month high of RM1.04 in the wake of renewed bargain-hunting interest following the recent brief correction process. The stochastic and 14-day relative strength index (RSI) are seen to be rising. Combined with the moving average convergence/divergence (MACD) histogram returning to the positive side, they suggest a firmer trend in the immediate term. A breach of the RM1.06 barrier is likely to propel the shares up to the RM1.19-RM1.20 band. Initial support is pegged at the 200-day simple moving average of 94 sen, followed closely by 88 sen.
HAP Seng Plantations advanced to a high of RM2.64, the best since March 2015 amid continuous bargain-hunting buying momentum. The recent gains in the shares had pushed the stochastic and 14-day RSI deeper into the overbought area, implying further scaling may attract profit-taking activity. But if that happens, investors can consider accumulating on weakness as the MACD histogram is overwhlemingly bullish. Concrete support and heavy resistance are seen at the RM2.50 mark and RM2.90-RM3 range respectively.
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