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.

PETERLABS Holdings breached the historical high of 31 sen to set a new record of 32.5 during intra-day session. The positive breakout, accompanied by bigger volumes should open the windows for the bulls to continue exploring the unknown territory in the short-term. Initial support is anticipated at the 26.5-sen level.

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

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