Hartalega Holdings Bhd
perked up yesterday to erase the loss made earlier in the week and end on a week's high. The share is approaching the 50-day simple moving average (SMA), which in crossing would see the share target the RM2.86 mark before attempting to scale to a year-to-date peak of RM3.05.
Looking at the technical charts, the slow-stochastic is on the verge of a positive crossing at a strong level of 54 points while the 14-day relative strength index (RSI) is also looking bullish at 59 points. The daily moving average convergence/divergence (MACD) histogram is charting higher positive bars.
Support for the share is found at RM2.40 and RM2.29.
VS Industry Bhd crossed above the 100-day SMA yesterday as it resumed a rebound that began last Friday. The share is looking keen to tackle the overhead 200-day SMA line and approach a resistance of 92 sen.
A sustained rally could see the share return to a September 2023 peak of RM1.05.There are overbought conditions in both the slow-stochastic and RSI, with a breather likely to neutralise both indicators before they embark on another leg of uptrend.The MACD is charting consecutively higher positive bars, which augurs well for the budding uptrend.
Support for the share lies at 71 sen and 59 sen.
Padini Holdings Bhd's share price has been growing over three consecutive days this week, as it seeks to erase the losses made in the previous week.To do so, it has to challenge the 50-day SMA to reclaim the RM3.50 level.
A positive crossing of the moving average would be a bullish sign the rally could extend itself to the RM3.69 mark.The technical indicators remain on the weak side, as the slow-stochastic remains at 44 points while the RSI has just touched the 50-point midline although another day of gains would turn the signals positive.
Support is pegged to RM3.32 and RM2.90.
The comments above do not represent a recommendation to buy or sell.
