New Hoong Fatt Holdings Bhd
rose for a fourth consecutive day yesterday as it continued its rebound towards a recent peak of RM4.16.
The share remains on a bullish uptrend as evidenced by the rising slow-stochastic to 74 points and the 14-day relative strength index (RSI) to 57 points.
The daily moving average convergence and divergence (MACD) histogram, meanwhile, is displaying a shrinking negative bar to indicate a gradual return to positivity.
Given the strength of the ascending trend line, the share could be headed for a historical trading high of RM4.44.
Support is pegged to RM3.72 and RM3.40.
MyEG Services Bhd continues to push higher after having embarked on a strong rally in the closing week of April.
Looking at the sustained upward trajectory on the daily price, the share looks poised to arrive at the resistance levels of RM1.14 and RM1.50.
The slow-stochastic has risen to 70 points while the RSI is sitting at an overbought level of 80 points. The MACD histogram remains positive.
Support for the share is found at 95 sen and 89 sen.
Uzma Bhd remains caught within a consolidation channel after failing to close above the 50-day simple moving average yesterday. The share, which looked set to cross above the hurdle subsided by the end of trading, leading to continued weakness in the technical indices.
The MACD remained negative although the bar continued to contract to suggest a turn towards positivity.
The slow-stochastic has fallen to 30 points while the RSI is also weak at 44 points.
In the event of increased buying interest, a subsequent rally would bring the share to a recent high of RM1.37. Further resistance can be seen around the RM2 level.
Support, meanwhile, is found at RM1.18 and 82.5 sen.
The comments above do not represent a recommendation to buy or sell.
