Support Line

MAGNA Prima spiked for the second straight session, pushing prices to as high as RM1.15 during intra-day trading, the best in almost four months, amid follow-through bargain hunting nibbling. Apparently, the stochastic and the 14-day relative strength index are on the rise while the moving average convergence/divergence histogram continues to expand upward against the signal line. suggesting more advances can be expected in the short-term. Initial resistance is envisaged at the RM1.20-RM1.25 band and a major breakout of the upper RM1.40 stiff barrier would see the bulls turning more aggressive. Support is pegged at the 100-day simple moving average of 99.5 sen.

ORIENTAL Food Inds shares remained trapped within a narrow range a shade below the one-week-old record high of RM2.26, undergoing a healthy consolidation. Technically, all the short-term indicators still are painting a positive pictogram, implying the bulls are set to explore the unknown territory soon. As for the downside, concrete support floor is seen at the 14-day simple moving average of RM2.09.