Central Global Bhd
challenged its recent trading high of RM3.15 yesterday as it attempted to shrug off consolidation pressures to resume an uptrend. The share has been moving in a sideways trajectory since its rally stalled last October.
However, the upside bias remains present on the price chart, where the share remains trading above the key simple moving averages.Looking at the technical indicators, the slow-stochastic has turned higher, just below the 50-point mark while the 14-day relative strength index (RSI) is robust at 66 points.
The daily moving average convergence and divergence (MACD) histogram has also charted a positive bar, indicating growing bullishness.The share sees resistance at RM3.80 while support is found at RM2.86 and RM2.48.
Padini Holdings Bhd is bouncing back from the steep correction seen in November-December 2023, but remains trapped under the resistance at RM3.57.
A positive breach of the obstacle could see the share surging higher towards a higher trading level of RM3.95.
The technical indicators support a bullish view as the slow-stochastic has crossed the 50-point mark while the MACD histogram is extending a bullish trend.Support for the share is found at RM3.33 and RM3.23.
Iskandar Waterfront City Bhd broke through a recent trading high of 85 sen yesterday to suggest a new stronger leg of the rally. The share is looking towards a resistance of RM1.28, which would take it to a multi-year high.
The momentum indices are very bullish with the slow-stochastic at 78 points and the RSI in overbought conditions, although it remains ascending.
The MACD histogram is charting higher, indicating a growing bullish momentum.Support is pegged to 73 sen and 60 sen.
The comments above do not represent a recommendation to buy or sell.
