Alliance Bank Malaysia Bhd
bounced back above the 14-day simple moving average (SMA) yesterday after slipping under the day before as the broader market soured.
While the slow-stochastic is grazing the oversold line following Tuesday’s sell-off, the indicator could turn its head around in the coming days to signal the return of bullish momentum.
The 14-day relative strength index (RSI), meanwhile, is robust at 59 points.
Coupled with the upward-facing 14 and 21-day SMAs offering lift, the share is expected to trend higher.
Overhead, the resistance levels are pegged to the recent high of RM3.80 and RM4.33.
Support can be found at RM3.67 and RM3.51.
ITMax System Bhd is consolidating near the 50-day SMA line after a month-long correction.
However, the share is regaining momentum with the slow-stochastic neutralising from oversold conditions while the RSI paces higher towards the 50-point midline.
The daily moving average convergence/divergence (MACD) line remains negative but is slowing its descent in a bid to halt the negative trend.
The upward retracement is expected to be gradual as it heads towards a historical peak of RM2.43.
Support for the share can be found at RM2.16 and RM1.90.
Heineken Malaysia Bhd rebounded yesterday after four consecutive days of losses to suggest the pullback has ended for now.
There are indications of more retracement as the slow-stochastic is on the verge of a positive crossing in oversold territory while the RSI regains some strength.
The MACD histogram remains descending after entering a negative trend on Monday.
In the event of a positive retracement, the share is looking at RM23.72, which in crossing should trigger a bullish rally towards a higher level of RM25.90.
Support lies at RM22.50 and RM21.
