The stock is making its way to the RM1 mark, which serves as a resistance en route to the stock’s recent peak of RM1.10 on Dec 9.
Given the recent strong recovery, the stock is looking bullish with the momentum indicators growing stronger. The slow-stochastic has risen to 66 points while the 14-day RSI is at 67 points.
Yesterday, the stock eked higher past a resistance-turned-support of 88 sen with the next support at 80 sen.
Puncak Niaga Holdings Bhd made a move higher yesterday in an attempt to break free of the downward pressure of the overhead short-term moving averages.In the event of an extended advance, the share price could head above the 14- and 21-day simple moving averages (SMA) and affirm the return of bullish sentiment.
The share price sees resistance at 43 sen, a crossing of which would take it to the recent high point of 51 sen.
Failing to breach the resistance, the stock risks entering a consolidation phase. Support is seen in the 34-36 sen range.
The technical indicators are growing stronger with the slow-stochastic rising at 30 points and the relative strength index (RSI) at 52 points.
Westports Holdings Bhd has been trading in a range-bound motion over the last two months.
While there was an attempt to break free of the channel in early January, the bid proved unsuccessful.
Yesterday, an intra-day rally materialised but the stock ended the day lower in a sign that the consolidation pressure persists.
The momentum indicators are falling, with the moving average convergence/divergence (MACD) slipping lower below the signal line.
Overhead, resistance is pegged at RM4.55 with a higher price target of RM4.69. Support is found at RM4.25 and RM4.12.