Pecca Group Bhd
sustained its rally for a second day yesterday after making a breakout on Wednesday.
Based on the daily price chart, the share is on a bullish trend towards fresh historical highs, supported by the rising key simple moving averages (SMA).
With the technical indicators having hit overbought levels, the counter could be soon due for some profit-taking.
However, at present the slow-stochastic remains healthy at 86 points while the 14-day relative strength index (RSI) has reached 76 points. Support for the share can be found at RM1.20 while lower support rests at RM1.07.
Hume Cement Industries Bhd rose for a fourth straight day yesterday towards a fresh multi-year high as it maintained its ascending trend.The technical indicators are looking robust with the slow-stochastic hitting extended overbought levels of 95 points and the RSI arriving at 76 points.
The daily moving average convergence/divergence (MACD) is supporting the rally as it continues to outpace the signal line to reflect the growing bullishness.
Higher on the chart, the share could be aiming for a higher price level of RM2.70 and RM2.90. Support can be found at RM1.60 and RM1.10.
Hap Seng Consolidated Bhd is trading along a consolidation channel after having dropped off a rally in October in a bout of profit-taking.The counter is now seeking a return to higher levels, reflected in gradually improving momentum in the technical indicators.
Following an end to the current sideways trajectory, the share could challenge its recent high of RM5. Past the initial resistance, the share is looking at a six-week high of RM5.44. The slow-stochastic is seeking higher ground at 66 points, while the RSI is rising towards the 50-point line.
The MACD line remains weak below the signal line, but is turning its head higher for a potential challenge.
Support is pegged to RM4.50 and RM4.27.
