Supportline FONG MIN YUAN

F&N Holdings

Fraser & Neave Holdings Bhd jumped yesterday to hit its highest close in nine months.Should the positive momentum continue and the share price cross above a resistance of RM24, the counter could be seen rising to a fresh target of RM25.74.

The daily price chart is showing a bullish recovery trend with rising key simple moving averages (SMA) offering lift.

The technical indices are also robust with the slow-stochastic at 65 points and the 14-day relative strength index (RSI) crossing into overbought conditions at 84 points.

Support can be found at RM21.55 and RM21.

Carlssberg BreweryCarlssberg Brewery

Carlsberg Brewery Malaysia Bhd is attempting to break out of sideways trading, but remains below a December 2022 closing high of RM23.34.

While consolidation pressure remains, strong upwards momentum is pointing to a break out to a higher price target of RM24.On the technical charts, the slow-stochastic is sitting at overbought levels of 86 points while the RSI is looking robust at 59 points.

The daily moving average convergence and divergence (MACD) line has also crossed the signal line to indicate bullish momentum.

Support for the counter is pegged to RM22.66 and RM21.78.

Tune Protect GroupTune Protect Group

Tune Protect Group Bhd has taken a breather from its rally in recent days but remains on a recovery trend.

The share price touched its recent high of 35.5 sen yesterday.

With the improving technical outlook on the price chart and rising SMA lines, it is expected to cross the resistance in coming sessions, whereby it would continue its ascent towards 40 sen.

At present, the slow-stochastic has descended from overbought conditions, which affirms the consolidation period.

However, given the continued strength in the RSI and bullish MACD, there is expected to be continued upside for the stock after a brief pause.

Support can be found at 31 sen and 28 sen.

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

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