Tomei
Tomei Consolidated Bhd
is extending a strong rally with the last two days of trading showing a jump in buying interest.
At its current trajectory, the stock is headed for a resistance at RM1.15, with next resistance at RM1.24. The slow-stochastic has hit 95 points but is yet to show signs of tapering at the overbought level. The strong momentum is further affirmed by the RSI and MACD, indicating sustained growth at least for now. Support is found at RM1 and 95 sen.
Genting Malaysia
GENTING Malaysia hit a recent peak of RM2.76 yesterday, en route to a potential crossing of the 100-day simple moving average (SMA).
A positive breach of the hurdle could open the doors for the share price to arrive at a higher target of RM2.91, with a view towards an August high of RM3.03.
On the technical indices, the slow-stochastic has been moving higher to 69 points, while the 14-day relative strength index (RSI) has entered into overbought territory at 73 points.
However, momentum growth is expected to continue, given the steady ascent, seen also in the daily moving average convergence/divergence (MACD) line, which is climbing in positive territory. Support for the stock can be found at RM2.68 and RM2.58.
SAM Engineering & Equipment
SAM Engineering & Equipment (M) Bhd’s rebound gained momentum yesterday as it approached the 50-day SMA line.
The stock has been recovering in recent days from losses made over the month of December, and the retracement appears to be gaining speed.
Should the share price cross the 50-day SMA, the share is expected to arrive at RM5.70, which would return it to November levels of trading. A continued uptrend could see the stock returning to RM6.22, which represents the stock’s highest close in 2022.
There is growing momentum in the technical charts with the slow-stochastic hitting overbought levels at 80 points and the RSI rising to 66 points.
Both indices remain on an upward trajectory, suggesting the buying momentum is yet to subside. Support for the stock is pegged to RM4.71 and RM4.32
