Support line

Barakah Offshore recovered slightly from last Thursday’s 11-month low of RM1.05 amid bargain hunting interest. In spite of that, the prevailing trend is bearish and it will remain negative as long as the falling 21-day simple moving average continues to pressure prices. A slip below the RM1.05 will lead to a re-test of the historical ebb of 95 sen.

REV Asia shares had found a temporary shelter at the four-month lows of 92 sen since last Thursday. Based on the daily chart, the short-term trend still is bearish, unless the overhead 21-day simple moving average of RM1.15 is taken out successfully. A crack of the 91.5 sen floor would see prices retreating lower to fill the 73.5 sen to 80 sen minor gap.