SupportLine


EG Industries Bhd broke free of the key simple moving averages (SMA) as turnover surged amid strong buying interest.

The share jumped above the 200-day SMA and is looking towards a recent high of RM1.70, following which it could return above RM2 for the first time in two decades.

The slow-stochastic is looking bullish at 55 points while the 14-day relative strength index (RSI) has risen to 64 points.

The daily moving average convergence/divergence (MACD) histogram has also spiked higher, indicating growing momentum in the uptrend.

Support for the share lies at RM1.23 and RM1.01.

Oppstar Bhd rose above the 100-day SMA yesterday as a the momentum on its ascending trend continues to grow.

The share has come within striking distance of a February high of RM1.28, crossing which it could see more gains towards RM1.65.

Give the technical indicators are mixed, with the slow-stochastic descending in overbought conditions, the share could pause at the immediate resistance before progressing further.

The MACD histogram continues to chart higher while the 14-day RSI is robust at 61 points.

Support for the share is found at RM1.03 and 90 sen.

Tomei Consolidated Bhd remains on an uptrend as it ended a brief bout of profit taking to resume its upward trajectory yesterday.

The share is looking to pick up towards a recent high of RM1.72 before angling towards a four-year trading high of RM1.88.

The slow-stochastic has returned to upward-facing after a brief decline, and is poised for a positive crossing. The MACD, meanwhile, remains defiantly aloft of the signal line while the RSI stands high at 68 points.

Support is pegged to RM1.56 and RM1.47.

The comments above do not represent a recommendation to buy or sell.

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EG Industries , Oppstar , Tomei

   

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