Support Line

IMASPRO Corp rebounded sharply from RM1.40 on July 9 to a high of RM1.72 in intra-day session, the best in three months, amid fresh buying momentum. Based on the daily chart, a positive breakout has been sighted, indicating that the recent correction was over and that the bulls were now dominating the floor. The immediate upside target would be the historical peak of RM1.95, set on March 25. Support is pegged at the 100-day simple moving average of RM1.58.

Kossan Rubber shares set a new record of RM7.26 in early session before reversing to close lower owing to profit-taking activity. Technically, prices are poised to correct further in the short term, with the stochastic and 14-day relative strength index curving down from the overbought area. But investors can consider accumulating more, as the prevailing trend remains bullish. Initial support is at the RM6.90-RM7 range.