SupportLine: Cahya Mata Sarawak, SCIB, GETS Global


Cahya Mata Sarawak

Cahya Mata Sarawak Bhd is showing signs that a positive retracement is taking place.

After a three-month correction period, the stock has bounced higher and is aiming towards the 50-day simple moving average (SMA).A crossing of the hurdle would signal the return of bullish sentiment as the stock heads towards a resistance level of RM1.39.

In crossing, the stock faces a higher price target of RM1.50, which coincides with the 100-day SMA.

The slow-stochastic has risen past 40 points while the 14-day relative strength index (RSI) is nearing the mid-level at 49 points. Support for the stock is found at RM1.12, a breach of which would restart a correction phase.

Sarawak Consolidated Industries Bhd continues to move ahead of an ascending trend line, which began following the bounce off a trough in March.

At current levels, the stock is trading near its historical high of RM4.

While there was profit-taking on Thursday following a rally in the previous day, the bullish trend suggests that the share price will continue into uncharted levels of trading.

The technical indicators are taking a breather with the slow-stochastic bouncing off the overbought line to return to 42 points. The RSI has also neutralised to 53 points.

Support for the stock is found at RM3.75 while firmer support is pegged to RM3.50.

GETS Global Bhd appears to be taking on consolidation pressure after two days of volatile movement.

The stock underwent a steep ascent on Tuesday and succumbed to partial profit-taking on Wednesday. By yesterday, the stock found its footing above the RM1 level.

The stock could be seeing some range-bound trading as investors digest recent share price movements. However, the bullish bias on the daily price chart suggests a rally could resume.

The slow-stochastic and RSI are healthy at above 60 points. Support is found at 95 sen and 85 sen.

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

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