Support Line

Gamuda: PERSISTANT selling pressure over the past month dragged the company's shares from a recent peak of RM5.95 to an intra-day low of RM5.05 yesterday. Its moving average convergence/divergence indicator expanded negatively against the signal-line to stay bearish, suggesting a lower trending in the near-term. However, prices are anticipated to find support at the RM4.86-RM4.94 band and if violated, this will attract bargain-hunting activity. Resis-tance is pegged at RM5.50. 

IGB: THIS stock fell to a 14-month low of 73.5 sen during intra-day yesterday. The stochastics momentum index has been trending at the bearish zone for the past week and the moving average convergence/divergence indicator maintained its downward pressure, moving in tandem with the signal-line deeper into the negative zone. Analysis suggests that the downside risk could be limited despite weak technical indicators. Support and resistance is at 67.5 sen and 81.5 sen respectively. 

M-Plant: PRICES dropped to a low of 78 sen during intra-day trading yesterday, their lowest level since April 1999. Although the stochastics momentum index is now oversold, it gives no indication of a reversal as yet. However, the sideways trending on the moving average convergence/divergence indicator and the signal-line are suggesting that prices could be nearing their bottom and are expected to find support above the 75 sen level. Immediate resistance is seen at 84 sen. 

IGB: THIS stock fell to a 14-month low of 73.5 sen during intra-day yesterday. The stochastics momentum index has been trending at the bearish zone for the past week and the moving average convergence/divergence indicator maintained its downward pressure, moving in tandem with the signal-line deeper into the negative zone. Analysis suggests that the downside risk could be limited despite weak technical indicators. Support and resistance is at 67.5 sen and 81.5 sen respectively. 

M-Plant: PRICES dropped to a low of 78 sen during intra-day trading yesterday, their lowest level since April 1999. Although the stochastics momentum index is now oversold, it gives no indication of a reversal as yet. However, the sideways trending on the moving average convergence/divergence indicator and the signal-line are suggesting that prices could be nearing their bottom and are expected to find support above the 75 sen level. Immediate resistance is seen at 84 sen.