Magnum: A sharp eight sen loss at the start of trading yesterday has resulted in a mild negative divergence on the moving average convergence/divergence indicator. Meanwhile, the stochastics momentum index has fallen below the 80% bullish line and the firm downward momentum on the 14-day relative strength index suggest prices may succumb to more selling pressure in the near term. Support and resistance is seen at RM2.43 and RM2.70 respectively. For latest Magnum share prices and charts click here
MRCB: Share prices dropped below the 14-day moving average price line of RM1 to trigger a short-term sell signal yesterday amid heavy profit-taking. Now that the moving average convergence/divergence indicator has hooked down, a weaker technical signal from the stochastics momentum index suggests that the current correction is likely to be extended with the immediate support seen at 84.5 sen. Resistance would be capped at the RM1.17 level. For latest MRCB share prices and charts click here
PLUS: This stock retreated further after futile attempts to overcome the RM2.40 hurdle. As prices continue to weaken, the moving average convergence/divergence indicator gave a sell signal yesterday, thus calling for further downside movement in the near term. However, in view that the stochastics momentum index would be reaching the oversold condition soon, prices may find support or stabilise at the RM2.12 level. Strong resistance remains at RM2.40. For latest MISC share prices and charts click here
The comments above do not represent a recommendation to buy or sell. For latest Magnum share prices and charts click here
