Support Line

HEVEABOARD set new record of RM3.79 for the second straight day amid follow-through buying momentum. Technically, indicators are pretty firm, implying the bulls will continue to explore the unknown territory until extreme overbought condition kicks in. Support is pegged at the RM3.56 and RM3.50 mark, which is the 14-day and the 21-day simple moving averges.

PESTECH shares recovered to a near three-month high of RM5.22 during intra-day session. Based on the chart, prices are likely to encounter signicant resistance at the RM5.30 mark, followed by the historical peak of RM5.61, of which a decisive breach would see the bulls rallying deeper into the uncharted territory. Initial support is envisaged at the RM5 psychological level, followed by the RM4.74 line. A crack of the lower floor of RM4.65 will have a negative impact on this counter, going forward.

SKP Resources scaled a new all-time peak of RM1.35 amid persistent bargain-hunting interest. Apparently, the upward expansion of the moving average convergence/divergence histogram against the daily signal line suggest more upside potential in the pipeline, but volumes must expand accordingly to sustain the trend. The immediate support is lying at the RM1.24 floor, followed closely by the 21-day simple moving average of RM1.20.

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

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