Support Line

Chin Well Holdings hit a high of RM1.61 last Friday, the best since June 2007 before turning range-bound. In the short term, prices are expected to consolidate, with the stochastic and the 14-day relative strength index declining. Initial support and heavy resistance are resting at the RM1.44 and RM1.79-RM1.80 band respectively.

VITROX Corp retraced from last Friday’s all-time peak of RM2.94 to close lower owing to profit-taking activity. Technically, the stock may extend correction to fully fill the minor gap of RM2.60 before resuming the upward thrust again. Important support is pegged at the 21-day simple moving average of RM2.53, of which a breach will have a negative impact on the outlook going forward.