Support Line

Brite-Tech reversed from an early 3½-year high of 36 sen to close a tick lower at 33.5 sen. Technically, the overbought condition of the stochastic suggests correction in the short-term, with initial support resting at the 30 sen-mark, followed by the 27 sen line. A breach of the 42 sen mark would see the bulls becoming more aggressive.

PETERLABS Holdings rebounded strongly from the recent lows of 16 sen on Oct 13 to a high of 22 sen during intra-day session amid fresh buying. A decisive penetration of the pretty stiff resistance of 24 sen would probably lead to a re-test of the historical peak of 31 sen. Current support is pegged at the 50-day simple moving average of 20 sen.

SHARES of SapuraKencana Petroleum fell to an 18-month low of RM3.06 last Friday before halting in the wake of renewed bargain hunting. Apparently, the ticking up sign on the stochastic from the grossly oversold position suggests a relief rebound in the short-term. Significant resistance is expected at the RM3.40 barrier while the immediate support is resting at the RM3 floor.

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

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