Greatech Technology Bhd
climbed for a second straight day yesterday, extending past the uppermost 200-day simple moving average (SMA) and breaking free of a recent high.
Given the bullish signal, the share is expected to continue its upward trajectory towards a higher target of RM2.45.
The technical indices are uniformly positive with the slow-stochastic rising to 60 points and the 14-day relative strength index (RSI) at 73 points. The daily moving average convergence/divergence (MACD) histogram has charted a bullish bar to reflect the strong momentum.
Support is pegged to RM1.60 and RM1.10.
Vstecs Bhd remains on an upward trend following a sharp break out earlier this week.
The share is poised to pace higher to a resistance of RM3.76 and RM4.15 given the robust momentum.
While the technical indices have arrived in overbought territory, with the slow-stochastic is at 80 points and the RSI is at 72, they are maintaining their upward trajectory.
The MACD histogram is also on an ascending trend.
Support for the share lies at RM2.85 and RM2.45.
Malayan Cement Bhd appears to be undergoing a period of consolidation given the rapid price increase in the latter half of July.
However, the share remains hovering above the ascending 21-day SMA line, which offers support to a potential rebound.
Going by the daily price chart, a resumption of a rally could see the share cross the RM5.95 high set in July, and return to a multi-year peak.
The indicators reflect a consolidation phase with the slow-stochastic dropping to 36 points and the RSI slipping lower to 54 points.
The MACD histogram is similarly negative, having turned downward following the recent profit-taking.
Support can be found at RM5.15 and RM4.60.
The comments above do not represent a recommendation to buy or sell.
