The stock was range-bound in recent days although the pick-up in positive momentum coupled with the positive performance yesterday suggests a sustained rally in the offing.
The slow-stochastic and RSI are both looking bullish past 50 points and still ascending.
The daily moving average convergence/divergence (MACD) meanwhile inched across the zero line to suggest the return of an uptrend. A crossing of the nearby signal line will only add to the bullish momentum
Give these developments, a continued advance of the share price is expected with the next higher target being RM7.50.
Meanwhile, support is found at RM6.88 and RM6.73.
MI Technovation Bhd advanced yesterday in a bid to escape its consolidation phase.Having crossed above the 50-day simple moving average, the bullish sentiment can been returning to the counter as it aims for the overhead resistance.
The share price will face a hurdle at RM4.05, a crossing of which would see the stock resume its recovery towards the higher resistance of RM4.44.
The slow-stochastic is robust at 69 points while the 14-day relative strength index (RSI) also remains healthy at 65 points.
Support is pegged to RM3.68 and RM3.58.The comments above do not represent a recommendation to buy or sell.
Frontken Corp Bhd rose for a fourth straight day yesterday as it embarks on an uptrend towards a historical trading high of RM4.
Trading above all the key simple moving averages (SMA), the stock is expected to continue the bullish trend amid rising momentum.
The slow-stochastic is robust at 80 points while the RSI remains bullish at 67 points.
The MACD line has curved higher to meet the signal line, a confirmed crossing of which would signal strong bullish momentum.
To the lower end of the chart, support is pegged to RM3.66 and RM3.50.
The comments above do not represent recommendation to buy or sell.