MALAYSIAN Resources Corp Bhd (MRCB) blew past the 200-day SMA line yesterday to suggest some further recovery in the near future. The stock, which is attempting to shrug off correction pressures, is looking to extend a rebound.
Going by the bullish signals in the technical indices, some positive movement is expected. The MACD yesterday crossed above the signal line to suggest strong bullish momentum, while the slow-stochastic has surged into overbought conditions at 84 points.
Going by the current momentum, the stock could be looking towards the resistance at 36.5 sen and 40 sen. Support is pegged to 30 sen and 28.5 sen.
Hartalega Holdings Bhd
is struggling to make headway past the 200-day simple moving average (SMA) after having rallied into overbought conditions.
A breather seems to be in the offing, as the descending slow-stochastic has begun its descent from an overheated position. However, the stock has come into an uptrend, and is a short distance from November 2022 highs.
Assuming a breach of the resistance at RM2.19, the share price could be seen hurtling higher towards eight-month trading highs at RM2.90.
At present, the daily moving average convergence/divergence (MACD) line suggests growing positive momentum, while the 14-day relative strength index (RSI) is keeping above the overbought line. Support is found at RM1.75 and RM1.43.
Notion VTEC Bhd extended its rally for a second day yesterday as it approached the overhead 50-day SMA.
The recent rally has turned the heads of the 14 and 21-day SMA lines higher, suggesting an improved short-term outlook as the stock attempts to break out of the current downtrend.
A successful breach of the 50-day SMA line would close the downside gap left behind in February, and affirm bullish momentum towards a target of 42 sen. Next resistance is pegged to 48 sen.
Showing bullish momentum, the slow-stochastic is at 73 points while the RSI stands at 67 points. Support for the stock is found at 33 sen and 29 sen.
