COASTAL Contracts shares traded moderately above their six-year low of RM1.44 on Jan 21 amid bargain-hunting interest. Apparently, the prevailing trend still is bearish but prices may drift higher in the short term, with the stochastic, 14-day relative strength index and the moving average convergence/divergence histogram improving. Initial resistance is expected at the 100-day simple moving average (SMA) of RM1.84. A close above the uppermost 200-day SMA of 2.14 will see the fate of this counter changing better. Current support is pegged at the 21-day SMA of RM1.62, of which a crack may lead to a re-test of the recent ebb of RM1.44.
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