Pelikan International
Pelikan International Corp Bhd
remains supported by the short-term 14 and 21-day simple moving averages (SMAs) and sits comfortably above an ascending price trend.
As momentum continues to grow on the technical indicators, the share is looking to reclaim its recent high at 91.5 sen, which in crossing would see the resumption of an 11-month uptrend.
The slow-stochastic has crossed the mid-line at 51 points while the 14-day relative strength index (RSI) is looking strong at 56 points.
The 50-day SMA, rising at 72 sen, is expected to provide support for the stock, while stronger support is found at 60 sen.
Carlsberg Malaysia
Carlsberg Brewery Malaysia Bhd picked up above the 50-day SMA yesterday as it rallied for a second day on a return of buying momentum.
The share is aiming for a higher close at the recent high of RM22.06, following which it will see stronger resistance at RM23.78.
The slow-stochastic is currently at the overbought level of 92 points, which suggests a higher chance of consolidation.
However, the RSI remains healthy at 63 points, while the daily moving average convergence/divergence (MACD) line has cross the signal line to suggest strong bullishness.
Support is pegged to RM20.70 and RM19.38.
Paramount Corp
PARAMOUNT Corp Bhd has undergone a brief period of consolidation but remains buoyed above an ascending trend line.
The slow-stochastic dipped below the oversold line on Wednesday, which indicates the onset of selling momentum.
However, other indicators remain healthy as the RSI remains at 58 points after neutralising from overbought conditions and the MACD continues to outpace the signal line.
There is resistance at the 86 sen and RM1 levels while on support is found at 78 sen and 74.5 sen.
