Adventa Bhd is attempting to pull out of a descending trend, which stretches back from six months earlier.
A recent crossing above the 50-day simple moving average (SMA) indicates that some bullish sentiment is creeping back into the stock, paving the way for some short-term recovery.
In the event of sustained buying interest, the share price could head towards a resistance of RM1.45, which in crossing would see it target RM2.04.
The momentum indicators are improving, most notable the MACD, which has crossed above the zero line to indicate a budding uptrend. The slow-stochastic and 14-day relative strength index are also bullish above 70 points.
Support for the stock is pegged to 84.5 sen and 76 sen.
ARB Bhd retreated on profit-taking yesterday following Tuesday's strong advance.
However, the positive momentum on the stock remains intact with indications that the share price could still pace higher.
With the key SMAs offering lift below the share price, the outlook on the stock remains rosy.
The RSI has retreated slightly below the overbought line but remains healthy at 56 points. The slow-stochastic continues to pace higher at 78 points.
Support is found at 36 sen and 34.5 sen.
Euro Holdings Bhd's share price slumped in the earlier half of this month before taking on a sideways trading channel.
It has found support at RM3.45, and is currently awaiting a fresh lead, which could take it on a recovery trend.
The technical indicators remain weak but are gradually improving.
The slow-stochastic has neutralised from oversold conditions and is pushing higher towards 40 points. The RSI is attempting to neutralise from oversold levels.
Should buying interest return to the counter, it could head towards a resistance of RM3.80, a crossing of which could see it head towards the RM4.40 level.
Support below RM3.45 is found at RM2.80.
The comments above do not represent a recommendation to buy or sell.