Top Glove
Top Glove Corp Bhd
is making headway towards its April high, which in crossing would start it on another leg of recovery.At present, the stock’s share price has risen above the key SMA lines. A break out of the recent trading high at RM1.18 could see the share approach the next resistance at RM1.40.
Meanwhile, the technical indicators are growing stronger with the slow-stochastic and RSI at 61 and 62 points, respectively.
Support is pegged to 93 sen and 85 sen.
Kossan Rubber Industries
KOSSAN Rubber Industries Bhd extended its gains for a second day yesterday, as buying interest returned to the counter.
The stock is currently trading above its key simple moving averages (SMA) and remains just below its April high.
Going by the current momentum, the share price could breach the RM1.41 recent high and head towards a higher target of RM1.70.
Looking at the technical indicators, the slow-stochastic has risen to 77 points and the 14-day relative strength index (RSI) to 69 points to suggest the bulls are in play.
Meanwhile, the daily moving average convergence/divergence (MACD) line has jumped up above the zero line, and is on the verge of crossing the signal line to suggest strong bullish momentum. Support is pegged to RM1.25 and RM1.15.
Padini
Padini Holdings Bhd remains in a consolidation phase following some volatility in the first week of May.The share price remains near the RM4 psychological level, which is straddled by the 14 and 21-day SMAs.
Given the rising momentum, the stock is looking at a resistance of RM4.18 overhead, which in crossing could see the resumption of an uptrend towards a higher hurdle at RM4.41.
The slow-stochastic narrowly avoided a negative crossing signal on Tuesday and is now pushing higher at 59 points. The RSI meanwhile is also looking strong above the 50-point midline. Support can be found at RM3.88 and RM3.58.
