SupportLine: Tong Herr, Bermaz Auto, AME Elite

Tong Herr Resources 100621

Tong Herr Resources Bhd rose yesterday as its bounce off the 100-day simple moving average (SMA) gained momentum.

Retracing its steps after plunging in the closing days of May, the stock is poised for a sharp recovery.

Overhead, the stock is looking towards the 50-day SMA, which in crossing would see a challenge of the RM2.78 resistance.

A breach above this level would be a bullish development, leading to the next price target of RM3.

The slow-stochastic is looking strong at 75 points while the 14-day relative strength index (RSI) has risen off the oversold line to 39 points.

Support is pegged to RM2.54 and RM2.46.

Bermaz Auto Bhd blew past the 50-day SMA yesterday, in a sign of strong bullish momentum.

Now free of the moving average, the share price is free to roam higher towards the April high of RM1.55 before meeting the next price target of RM1.59.

The momentum has taken off on the technical charts with the slow-stochastic moving in extended overbought mode while the RSI is bullish at 67 points.

The daily moving average convergence/divergence (MACD) line is close to edging above the zero line to signal a positive trend.

Support is found at RM1.43 and RM1.38.

AME Elite Consortium Bhd bounced higher yesterday to end a brief consolidation phase.

The daily price chart is looking bullish with all the key SMA lines offering rising support to the stock.

Buoyed by the 21-day SMA, the stock is expected to breach the RM2.50 resistance it challenged yesterday before challenging its historical trading high of RM2.65.

The technical indicators are mixed as the slow-stochastic has fallen to 27 points. The RSI is strong at 59 points with room yet to grow before hitting overbought levels.

The MACD is maintaining an uptrend and growing bullish above the signal line.

On the lower end of the chart, support is found at RM2.38 and RM2.30.

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

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