Ann Joo Resources
Ann Joo Resources Bhd
made another attempt to break out of consolidation mode yesterday as returned above the 50-day simple moving average (SMA).
There is an opportunity for it to rise out of the sideways channel as the technical indices suggest growing momentum.
The slow-stochastic has risen to 55 points while the 14-day relative strength index has grown go 65 points.
The daily moving average convergence/divergence (MACD) line is picking up towards the zero line, which in crossing would indicate a return to a positive trend.
Should the share breach the resistance at RM1.14, it could move to a resistance pegged to RM1.31 while support rests at RM1 and 88.5 sen.
MBSB
Malaysia Building Society Bhd is pushing higher along a short-term ascending trend line as positive momentum continues to grow.
The share has breached a three-week high of 69 sen, which could take the price to a higher resistance of 72.5 sen, its highest since March 2021.
On the technical indices, the slow-stochastic is strong at 63 points while the RSI continues to ascend in overbought levels at 85 points.
The MACD has also picked up its pace against the signal line.
Support for the share is found at 61 sen and 57 sen.
Berjaya Food
BERJAYA Food Bhd is attempting to rise out of its 16-month low following a sharp plunge in May.
There is some short-term positivity on the chart as the 14 and 21-day SMA lines bend higher to offer rising support.
However, there is expected to be some downside pressure coming from the descending 50-day SMA overhead, with resistance set at 69 sen.
Further afield, there is another hurdle at the 80 sen mark.
The buying momentum is looking robust although overbought with the slow-stochastic at 94 points and the RSI at 72 points.
Support can be found at 56 sen and 48 sen.
The comments above do not represent a recommendation to buy or sell.
