Support Line

Kretam Holdings was very much trapped, undergoing consolidation process the past three months. The immediate hurdle is expected at the 65-sen level, followed by the pretty stiff resistance at 78.5 sen, of which a clear breakout will signal a rally continuation. Current support is resting at the 57-sen line. An additional floor is pegged at the recent lows of 53.5 sen.

PRESTARIANG reversed from an early all-time peak of RM4.11 to close down 13 sen to RM3.90 owing to an apparent profit-taking activity. Technically, prices are likely to extend the correction mode due to weakening signals, probably to RM3.75 or the lower 50-day simple moving average of RM3.50 before they stage a rebound.