Support Line

Ecofirst Consolidated Bhd rebounded moderately from a near 15-month low of 27.5 sen on Tuesday to a high of 31.5 sen during the intra-day session amid fresh bargain-hunting nibbling. Technically, the better reading on the daily moving average convergence/divergence histogram suggests more scaling in the short term, with immediate resistance seen at 35 sen. The next upper hurdle would be at the 40-sen mark, of which a successful penetration would signal the resumption of a rally. Stronger support is seen at the 24-sen level.

Kretam Holdings Bhd scaled to a high of 52 sen on Tuesday – the best in almost nine months – before turning range-bound to slide marginally lower due to apparent profit-taking activity. Based on the daily chart, a positive breakout was sighted in the previous session, implying prices are likely to strengthen going forward. Initial resistance is seen at the 56-sen barrier. A breach of the next upper hurdle of 65 sen would lead to a retest of the previous major rally high of 78.5 sen. Initial support is expected at 42 sen.