QL Resources Bhd
continues to struggle against the 100-day simple moving average (SMA) which is keeping the share in consolidation mode.
However, there have been attempts to break out of the sideways trading channel.
The technical indicators are mixed with the slow-stochastic descending to 24 points while the 14-day relative strength index is attempting to cross above the 50-point mid-line.
Should the slow-stochastic turn its head around to face north, the share could break through the initial resistance to a new high of RM6. Support can be found at RM5.23 and RM5.
Sime Darby Property Bhd’s July to August rally is hitting a resistance as it failed to breach the 67.5 sen hurdle in intra-day trade.
The share, which is currently in overbought conditions, could be seeing some profit-taking pressure in the days ahead.
The slow-stochastic is curving lower in overbought territory, signalling the potential start of a consolidation phase.
However, the share’s uptrend remains intact and could continue after a short breather.
Based on the daily price chart, the resumption of buying interest could take the share to a higher resistance of 79.5. sen.
Support is found at 55 sen and 50.5 sen.
Duopharma Biotech Bhd’s correction phase is showing signs of bottoming out as it bounced off the RM1.20 support.
Yesterday, the share hit the 14-day SMA line but failed to make headway beyond that hurdle.
The daily price chart is showing strong downward pressure from the descending SMA lines but growing momentum indicates an attempt to retrace some of the recent losses.
The slow-stochastic and RSI have recovered to 61 points each, while the MACD is curving higher towards the signal line.
Should the momentum continue, the share could retrace towards the RM1.35 level, a positive breach of would signal a recovery trend.
Below RM1.20, further support is found at RM1.06.
The comments above do not represent a recommendation to buy or sell.
