Support Line

I-BHD scaled to a three-month high of 68.5 sen during intra-day session amid bargain hunting interest. Apparently, indicators are positive, suggesting prices are likely to firm, with the immediate upside target set at the 200-day simple moving average of 79 sen, of which a decisive breakout would see more aggressive buying. Concrete support is resting at the 57.5 sen line.

MIECO Chipboard hit a high of 69 sen last Friday, the best since April 2011 before pausing. Based on the daily chart, the prevailing trend is bullish, implying any pullback owing to an apparent profit-taking activity is likely to be temporary. Solid support and the immediate resistance are envisaged at the 59 sen and 83 sen levels respectively.