Malaysia Airports Holdings Bhd rose yesterday to resume a rally on robust momentum.
Trading volume on the stock hit a two-week high amid the return of buying interest. Having cleared the immediate support, the share is aiming for a higher target of RM7.80, following which stronger resistance is seen at RM8.50.
The slow-stochastic has risen to 76 points while the 14-day relative strength index (RSI) made a sharp jump to 77 points.
To the lower end, support is pegged to RM7 and RM6.64.
BONIA Corp Bhd gapped up at the opening bell yesterday amid a strong pick up in buying momentum.
The stock, which had been caught in a correction phase, is showing signs of rebounding from the recent bottom on bargain-hunting activity.
As at yesterday’s close, the share remained below the short-term 14-day simple moving average (SMA), although a convincing breach of the hurdle could end the current sideways trading.
On continuation of the rally, the share could rise to an April closing high of RM2.40. Higher resistance is seen at the February closing high of RM2.79.
The slow-stochastic is strong at 52 points while the RSI is rising at 44 points.
Support levels are found at RM2.08 and RM1.96.
Cahya Mata Sarawak Bhd bounced higher yesterday to snap a four-day losing streak.
As at now, the stock has found support above the 200-day SMA line, which could offer a platform for further positive retracement as the stock neutralises from oversold conditions.
The slow-stochastic has risen out of oversold territory at 26 points while the RSI has crossed above the oversold line at 45 points to indicate a halt to the selling pressure.
Nevertheless, the stock sees strong downward pressure with a strong resistance at RM1.18.
Firm support for the share is pegged to RM1.