Support Line


  • Business
  • Thursday, 17 Jul 2003

  • K. Emas: PRICES ended off the day’s peak owing to profit-taking activity despite hitting a 12-month high earlier yesterday. The moving average convergence/divergence indicator remains bullish while the upward momentum on the stochastics and the 14-day relative strength index (RSI) suggest further upside potential in the near term. However, prices must hold above the 48 sen support line in order to look good. Strong resistance is pegged at the 60 sen band. 

  • Petaling Tin: STRONG buying interest pushed this stock to a 15-month high during intra-day trading yesterday, sending the 14-day RSI higher into the overbought territory. Analysis suggests that there could be more upside from here before this indicator is stretched into extreme conditions. If prices could break above the 69 sen hurdle, the next upper resistance is seen at the 74 sen-75 sen band while support can be expected at 57.5 sen. 

  • Resorts World: THE upward momentum of its shares paused for a breather yesterday after recent strong gains. Its moving average convergence/divergence indicates a mild negative divergence while the falling stochastics and the 14-day RSI suggest that this stock has entered into a consolidation phase although the uptrend remains intact. Crucial support is seen at the RM10 mark while resistance is expected at RM11 and the next hurdle, at RM11.50. 

     

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

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