Texchem Resources Bhd remains on a rebound and could soon recover to its recent high.
The stock had experienced a sharp correction after hitting a resistance of RM1.18 on Oct 27, but has since been on a positive retracement.
Based on the daily price chart, the stock is currently trading above all the daily simple moving averages (SMA), which indicates bullish sentiment.
In the event of continued buying interest, the share could challenge RM1.18 in the coming sessions, a breach of which would see the share price rise to a multi-year high of RM1.38.
The slow-stochastic and 14-day relative strength index (RSI) are both looking bullish near 70 points. While the RSI has entered overbought conditions, it is expected to ascend further to more extreme conditions.
Support is found at 96 sen and 83 sen.
SCGM Bhd is coming closer to surpassing its recent high, which would see the continuation of its short-term uptrend.
Coming within striking distance of the resistance at RM2.77, a positive crossing would see the share price jump higher towards the next resistance at RM3.09.
The technical indicators are growing bullish with the slow-stochastic coming near the 50% level. The RSI is also looking strong at 65 points.
On the daily price chart, the short-term SMAs have perked up and are offering growing support to the share price. Support for the stock is pegged to RM2.60 and RM2.50.
GLOBALTEC Formation Bhd rose in yesterday’s trading, extending its rebound following its recent correction.
With the recent gain, the share price has paced away from the short-term SMAs, suggesting improved bullish sentiment.
The stock is headed for the resistance at 74 sen, which represents its recent high, with further resistance sighted at 79.5 sen.
The slow-stochastic is bullish at 76 points and remains in an ascending trajectory. The RSI is also strong at 57 points. Support is found at 65 sen and 60 sen.
The comments above do not represent a recommendation to buy or sell.