Globetronics Technology Bhd
rose for a third straight day yesterday amid positive momentum and tentatively crossed the 200-day simple moving average (SMA). Accompanying the rally, the share’s trading volume yesterday surged to its highest in three years.
As the stock’s recovery picks up stream, a confirmed crossing of the hurdle would see the share rising to RM1.55 and onwards to RM1.82.
The slow-stochastic has risen to a strong 72 points while the 14-day relative strength index (RSI) is mildly overbought at 72 points.
The daily moving average convergence/divergence (MACD) histogram has charted a high positive bar to indicate growing bullishness. Support for the share is pegged to RM1.19 and RM1.05.
Naim Holdings Bhd’s rally is showing signs of accelerating as it surged higher yesterday on a burst of trading volume. Jumping 10% yesterday, the share has managed to avoid a consolidation phase and is now seeking higher price levels at RM1.40 and RM2.
The slow-stochastic has risen to 65 points while the RSI stands at 66 points.
The MACD histogram is coming closer to charting a positive bar, which would trigger a bullish signal. Support is pegged to RM1.08 and 91.5 sen.
Hibiscus Petroleum Bhd’s correction could be at an end as it bounced higher yesterday from oversold conditions. As the technical indices begin to neutralise, the share could begin retracing towards resistance levels at RM2.63 and RM2.80.
The slow-stochastic is curving higher in oversold levels while the RSI has returned above the oversold line at 34 points. The MACD histogram, however, remains negative, reflecting the bearish sentiment.
Support can be found at RM2.35 and RM2.15.
