Berjaya Corp
Bhd has embarked on a short-term uptrend since the final week of November, and is currently trading at its highest level in 18 months.
The stock is expected to continue its upward momentum, as buying interest remains strong and the technical indicators suggest continued growth.
The slow-stochastic has risen to 44 points, while the RSI is strong at 65 points. The nearby resistance can be seen at 29.5 sen, which if crossed frees the bulls to a higher high of 32 sen. Support is found at 27 sen and 25.5 sen.
Sam Engineering & Equipment (M) Bhd is taking on a sideways trading motion following a correction that began at end-November.
There are signs the stock could have hit its bottom as the technical indicators recover from oversold conditions.While there is expected to be a period of consolidation, the stock could see some positive retracement along with the neutralisation phase.
The slow-stochastic remains weak at 28 points, while the 14-day relative strength index (RSI) is also just recovering past the oversold line at 31 points.
In the event of improved buying interest, the stock could challenge the overhead 14-day simple moving average to arrive at RM5. A higher resistance is found at RM5.30. Support, meanwhile, is pegged to RM4.78 and RM4.55.
IOI Corp Bhd managed to reclaim the 50-day simple moving average (SMA) yesterday as it retraced most of the losses recorded earlier this week.
Despite the profit-taking seen from Monday through Wednesday, there remains bullish sentiment on the stock, keeping most of its recent gains intact.
There is a challenge overhead in the form of the 100-day SMA, but in crossing, the stock could hit the recent high of RM3.98.
A positive crossing could see a return to a bullish trend and test the next resistance at RM4.10.
The slow-stochastic is at 67 points, while the RSI is also robust at 58 points. Support for the stock is found at RM3.83 and RM3.69.
