Support Line

KARYON Industries rebounded from a near 19-month low of 21.5 sen last Friday to achieve an intra-day high of 24.5 sen on fresh bargain hunting interest. Based on the daily chart, the short-term trend is bearish, as long as the descending line, resting at the 29-sen level, remains intact. Concrete support is envisaged at the 19-sen floor.

LCTH has recovered to within striking distance of the fairly strong resistance of 45 sen amid persistent buying momentum. A clear penetration of this barrier is likely to propel the bulls up to the upper 55-sen to 56-sen range. If unsuccessful, prices are poised to retreat on profit-taking activity, with the 36-sen line acting as the crucial support.