Hup Seng Industries Bhd
rebounded for a third successive day yesterday, crossing the key short-term simple moving averages (SMA) to indicate rising sentiment.
The share had ended a correction phase and is reaching towards a resistance of RM1.32, which in crossing, could take it to a target of RM1.41.
The technical indices are bullish with the slow-stochastic hitting 70 points and the RSI at 54 points. The MACD histogram’s negative bars are shrinking, indicating a turn towards bullishness.
Support levels for the share can be found at RM1.05 and 87 sen.
YBS International Bhd remains in a consolidation channel after easing off a trading peak of RM1 earlier this month.
However, the daily price chart continues to show a bullish trend, with the share price hovering near the all-time high. Given the rising technical indices, YBS may soon take out the resistance to chart a new historical high.
The slow-stochastic has risen to 59 points while the 14-day relative strength index (RSI) sits at 64 points.
The daily moving average convergence/divergence histogram continues to chart positive bars although they have narrowed to indicate a temporary lull in the momentum. Support for the share is pegged to 87.5 sen and 84 sen.
KJTS Group Bhd is extending its recovery, tentatively crossing a historical closing high of 78 sen.
However, the slow-stochastic is showing signs of neutralisation, which could suggest the share is bound for some consolidation pressure before it embarks on another leg of the rally.
The MACD histogram remains bullish, suggesting the uptrend remains intact while the RSI remains strong at 69 points.
Given the positive outlook on the charts, the share is expected to eventually breach the resistance to chart a new high. Support is pegged to 63 sen and 58 sen.
