Press Metal
shares broke the two-day old record of RM1.89 to set a new alltime high of RM1.97 during intra-day session in the wake of renewed buying. The stochastic and the 14-day relative strength index are flirting in bullish territory while the moving average convergence/divergence histogram continues to expand upward against the signal line to keep the buy call, suggesting more upside potential in the pipeline. However, trading volumes must expand accordingly to sustain the trend ahead. Initial support is seen at RM1.83 and lower floor is pegged at the 14-day and 21-day simple moving average of RM1.78 and RM1.74.
PUNCAK Niaga dropped to a low of 88 sen in late November last year, the worst since March 2013 on bearish extended-mode before turning rangebound. Based on the daily chart, it looks like this stock has found the ebb and is now attempting to construct a base for recovery. Initial resistance is expected at the 100-day simple moving average (SMA) of RM1.03 and a successful penetration of the uppermost 200-day SMA of RM1.10, which is also a stiff barrier, may see the fortune of this stock turning brighter. On the opposite, a crack of the 88-sen line will drag the shares lower towards the 70 sen-72 sen band.
SEAL Inc breached the uppermost 200-day simple moving average on Tuesday and surged on follow-through bidding to achieve a six-month high of 49.5 sen during intra-day session yesterday. Based on the daily chart, the worst for this stock may be over following the latest positive breakout. Initial resistance is seen at the 50-sen mark. Another breakthrough of the upper hurdle of 55 sen will add to investors’ optimism en route to the 65-sen level in the nearterm. The recent lows of 37 sen will act as a base for healing process.
- The comments above do not represent a recommendation to buy or sell.
PRESS Metal shares broke the two-day old record of RM1.89 to set a new alltime high of RM1.97 during intra-day session in the wake of renewed buying. The stochastic and the 14-day relative strength index are flirting in bullish territory while the moving average convergence/divergence histogram continues to expand upward against the signal line to keep the buy call, suggesting more upside potential in the pipeline. However, trading volumes must expand accordingly to sustain the trend ahead. Initial support is seen at RM1.83 and lower floor is pegged at the 14-day and 21-day simple moving average of RM1.78 and RM1.74.
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