Support Line

  • Business
  • Tuesday, 06 May 2003

  • B-Group: SHARE prices, lifted to a high of 17 sen on renewed buying interest, are now consolidating. The stochastics momentum index has been trending at the bullish extended-move zones over the past week while the moving average convergence/divergence expanded positively against the signal-line, suggesting that this stock could be ripe for accumulation as the strong base is seen at the 13 sen level. Immediate resistance is seen at 20 sen. 

  • Genting: PRICES rebounded strongly after World Health Organisation said SARS has peaked in many countries, rising from the RM11.30 level to hit a high of RM12.50 before profit-taking capped its gains. The moving average convergence/divergence gave a buy signal last Tuesday and is moving towards the zero threshold, suggesting that prices may scale higher with immediate hurdles seen at the RM13-RM13.40 band. Support is at RM12. 

  • Tanjong: GAMING stock Tanjong bucked the generally weak primary market over the past several weeks to trend higher and has established an ascending channel. Though the moving average convergence/divergence indicator remained constructive, suggesting further upside potential, this stock needs a higher trading volume to sustain its current upward momentum. Resistance is seen at RM9.50 and RM9.85 thereafter while support is expected at RM9.15. 


    The comments above do not represent a recommendation to buy or sell. 

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