Kossan Rubber Industries Bhd
has been moving in a sideways trajectory for the last two weeks as the share price consolidates following a long rally. Hovering near the 14-day simple moving average (SMA), the share is taking a breather with the slow-stochastic dropping below the 50-point level.
However, the 14-day relative strength index (RSI) remains robust at 61 points while the daily moving average convergence and divergence (MACD) line remains positive despite falling below the signal line. Given the positive trend on the daily price chart, the share is expected to resume rising past the immediate resistance of RM2.10 and to a higher target of RM2.73.
Support for the share is found at RM2 and RM1.80.
UEM Sunrise Bhd has come within striking distance of a recent January peak of RM1.11, which in crossing should see the share resume its ascent. The next resistance is pegged to a fresh multi-year high of RM1.26 as the share continues a sharp rally that started in December 2023.The slow-stochastic has risen to 74 points while the RSI is also bullish at 68 points.
The MACD, meanwhile, has registered another positive bar to indicate growing momentum.
Support is pegged to 92 sen and 68 sen.
MBM Resources Bhd rose for a second straight day yesterday as it perked up from a narrow sideways trading channel. The share has been hovering near the key SMA lines as it has been undergoing a consolidation period since the final week of December 2023. However, that time of rest might be over as the bulls are showing signs of movement.
The slow stochastic remains weak at 37 points but is rising, while the RSI is ascending at 60 points.The MACD, meanwhile, made its first positive bar in six weeks to suggest the return of bullish momentum.
Support for the share lies at RM4.29 and RM4.12.
The comments above do not represent a recommendation to buy or sell.
