Support Line

  • Business
  • Thursday, 03 Dec 2015

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.

Petron Malaysia advanced sharply for the third straight session on extended buying interest, pushing prices to a high of RM4.19, the highest since August 2011. Apparently, the moving average convergence/divergence histogram is very bullish, suggesting more gains going forward, but turnover must expand accordingly to sustain the trend ahead. Otherwise, the bulls may pause for air, with the stochastic and the 14-day relative strength index painting a growing overbought condition. Resistance is expected at RM4.40 mark while firm support is resting at the RM3.70 area.

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

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