99 Speed Mart Retail Holdings Bhd
remains under selling pressure as it seeks to end a correction that began about a month ago.
At yesterday’s close, the share was seen struggling for support at the 100-day SMA line. However, as the trading volume continues to fall, the downtrend is expected to peter out to a sideways trading pattern.
On the technical indices, the slow-stochastic is regaining some strength at 43 points. The RSI remains weak at 36 points and the MACD histogram continues to chart negative bars. The share is expected to find support at RM3.35, followed by RM3.
In the event of a rebound, the share sees resistance at RM3.80 and RM4.15.
IOI Corp Bhd found support at the 200-day SMA line yesterday, and ended the session on a slight rebound.
The share is looking to return above RM4, which would open the doors to a rally towards last December’s peak of RM4.13.
Buying volume, however, remains low, suggesting a strong bullish lead needs to come into play before a potential breakout.
The slow-stochastic is poised to cross 50 points, suggesting the onset of bullish momentum, while the RSI has risen to 39 points. The MACD histogram remains negative, given the weak momentum.
Support is found at RM3.90 and RM3.75.
Sunway Construction Group Bhd ended unchanged yesterday as it paused a three-day losing streak.
In intraday trade, the share bounced off the uppermost 14-day simple moving average (SMA) to suggest ongoing resilience and support in the ongoing correction.
Overhead, the share is staring at a historical peak of RM7.40. Support remains at RM6.60 and RM6.20. Looking at the technical indices, while the slow-stochastic remains weak at 34 points, other indicators have started picking up to suggest the start of a consolidation period.
The 14-day relative strength index (RSI) has risen to 61 points while the daily moving average convergence/divergence (MACD) histogram remains positive.
