Alam Maritim Resources climbed for the second straight day, touching as high as 33 sen amid fresh bargain-hunting interest after undergoing a brief correction phase recently. Based on the daily chart, prices are expected to face strong challenges at the 37 sen barrier, of which a successful penetration will signal the resumption of a recovery process, en route to the 50-sen mark. The next upper heavy resistance is lying at the 55-sen area. As for the downside, the immediate support is seen at 28 sen and an additional floor is set at the 26-sen level.
CAB Cakaran Group shares set a new record for the second consecutive session, hitting a high of RM1.93 during intra-day trading on continuous bargain-hunting buying. Technically, the moving average convergence/divergence histogram is expanding positively against the signal line to keep the bullish note while the stochastic and the 14-day relative strength index (RSI) climb nearer to the overbought area, implying there is still room for more upside. The previous alltime high of RM1.87 will now act as an initial support and the next lower floor is pegged at the RM1.75-RM1.80 band.
Did you find this article insightful?