Malaysian Bulk Carriers Bhd is extending a steep short-term uptrend at the beginning of this month.Going by the steady advance, the stock is set to hit an immediate resistance of 75 sen, which in crossing could see the share price return to its May peak of 85.5 sen.
The technical indicators are showing overbought signals given the recent advance although the strong momentum suggests continued increase.
The slow-stochastic is at 87 points while the 14-day relative strength index (RSI) has hit 73 points. Support for the stock is pegged to 67 sen and 62 sen.
.D&O Green Technologies Bhd has been taking on a sideways trading direction over the last three sessions, amid a lack of fresh buying leads.
However, the stock’s ascending trend line remains intact, which suggests continued growth following the current consolidation phase.
Overhead, the stock is looking at resistance at RM4.95 to RM5.10, which represents its historical trading high.
The slow-stochastic is seen neutralising from overbought territory, reflecting the current share price consolidation. The RSI remains healthy albeit overbought at 74 points.
Support is found at RM4.50 and RM4.31.
FREIGHT Management Holdings Bhd hit an immediate resistance of 93.5 sen in yesterday’s intra-day trading.
In the event of sustained buying, the share price could escape a consolidation phase to resume its upward trajectory.
The next resistance is found at the stock’s historical trading high of RM1.04.
Looking at the daily price chart, there is an upside bias with the SMA lines offering rising support for the share.
This is coupled with a recovery in momentum as the slow-stochastic
makes its way higher towards the 50% level. The RSI is looking bullish at 58 points and rising while the daily moving average convergence/divergence line is rising to meet the signal line in a possible bullish crossing.
Support for the stock lies at 83 sen and 77 sen.
The comments above do not represent a recommendation to buy or sell.
is extending a steep short-term uptrend at the beginning of this month.Going by the steady advance, the stock is set to hit an immediate resistance of 75 sen, which in crossing could see the share price return to its May peak of 85.5 sen.
