Support line

By K.M Lee
  • Business
  • Thursday, 23 Mar 2017

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.

SILVER Ridge Holdings hit a high of 27 sen in the morning, the best since July 2014 before reversing to settle marginally lower, absorbing a bout of apparent profit-taking activity. Although the 14-day RSI is showing signs of curving down near the overbought area, other indicators such as the stochastic and moving average convergence/divergence histogram are painting a positive pictogram, implying investors can consider accumulating on dips. Initial support is anticipated at 22.5 sen and crucial floor is pegged at the 21-day simple moving average of 20.5 sen. Current resistance is expected at 29.5 sen-30 sen and subsequently, at the 36-sen level.

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