Alam Maritim Resources
has been range-bound, attempting to build concrete platform for recovery following a mild rebound from the near eight-year lows of 36.5 sen recently. Technically, indicators are mixed, implying prices are likely to fluctuate within the existing range on extended consolidation until a clearer picture emerges. A crack of the 45-sen floor will lead to a re-test of the historical ebb of 35 sen. Initial resistance is expected at the 51.5 sen barrier and a successful penetration of the upper 200-day simple moving average of 56.5 sen would see the fate of this counter turning brighter.
PCCS Group rose to a high of 73.5 sen during intra-day session, the best since August last year amid continuous bargain hunting momentum. Based on the daily chart, a major breakout has been sighted yesterday. Combined with the promising signal from the short-term indicators, they suggest more scaling in the pipeline. Initial resistance is seen at the 80 sen-81 sen band, followed by the 94.5 sen-95 sen range, which is a heavy barrier. The immediate support is lying at the 65-sen level and an additional support is pegged at the 60-sen mark.
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