Supportline


Sam Engineering & Equipment (M) Bhd remains in bullish mode as it resumes its rally yesterday in a bid to recover to the all-time high levels achieved in January this year.

The stock has hit overbought levels, which could suggest some slowdown or profit-taking in the days ahead although the technical indicators remain in bullish mode for now.

The slow-stochastic has dipped slightly at 85 points, suggesting it could attempt to neutralise, although the 14-day relative strength index (RSI) remains ascending at 85 points.

Overhead, the share sees resistance at RM6.12 and its historical trading high of RM6.42. Support is pegged at RM5 and RM4.75.

Coastal Contracts Bhd continued its climb along an ascending uptrend towards a recent closing high of RM2.06.

Beyond this obstacle, the share could return to multi-year highs at a new target of RM2.30.

Looking at the technical indicators, the slow-stochastic continues to pace higher at 67 points while the RSI stands at 73 points.

The daily moving average convergence and divergence (MACD) line remains heading upward above the signal line, affirming the growing uptrend.

Support for the share can be found at RM1.89 and RM1.78.

Gas Malaysia Bhd looks set to return the upper limit of its upward trading channel.

Following yesterday’s higher bounce, the share could target the recent trading high of RM3.65, which in surpassing would see a continuation of the staggered ascent that began at the start of the year.

The technical indicators are growing stronger with the slow-stochastic currently rising at 42 points and the RSI at 63 points.

The MACD took a dip following the recent profit-taking but has curved higher to make a return to bullish mode.

Next resistance is pegged to RM4.03 while support lies at RM3.44 and RM3.36.

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

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