MEGA First Corp rose for the fourth straight session, pushing prices to a near two-month high of RM2.17 during intra-day session in the wake of fresh bargain-hunting interest. Based on the daily chart, this stock is expected to face stiff resistance at the mid-term descending trendline of RM2.20, of which a decisive penetration may propel prices up to challenge the previous major rally peak of RM2.43. The next upper strong hurdle is resting at the RM2.80 or the RM3 psychological mark. Initial support is seen at RM2.09, followed closely by the RM2.04 level.
ONLY World Group shares hit a near seven-month high of RM2.44 during intra-day session on extended buying interest following a positive breakout the previous session. Technially, all the short-term indicators, such as the stochastic, the 14-day relative strength index and the moving average convergence/divergence histogram are positive, implying more advances in the pipeline. The immediate resistance is anticipated at the RM2.54-RM2.55 area and the next upside objective would be to re-test the historical peak of RM2.75, or to explore the uncharted territory. Current support is lying at the RM2.35 level and solid floor is pegged at the 21-day simple moving average of RM2.25.
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