Cahya Mata Sarawak Bhd
rose yesterday, in another attempt to break out of a consolidation channel.
The share is currently seeing resistance at the RM1.50 level; a succesful breakout would see it rise towards the RM1.70 mark.
The momentum is growing more positive as evidenced by the charting of a positive bar on the daily moving average convergence/divergence (MACD) histogram.
The slow-stochastic and 14-day relative strength index (RSI) are also moving higher at robust levels of 83 and 60 points respectively.Support for the share is pegged at RM1.30 and RM1.20.
S P SETIA Bhd rose past the 100-day simple moving average (SMA) line yesterday in a sign of bullish sentiment.
The share is looking to arrive at a resistance of RM1.54 before proceeding further to a multi-year closing high of RM1.80.
Looking at the technical indicators, the slow-stochastic is making a bullish crossing at a strong 72 points while the RSI is also firm at 60 points.
The MACD, meanwhile, is gaining momentum with successively longer positive bars.
Support can be found at RM1.25 and RM1.03.
Chin Hin Group Bhd could be embarking on a recovery after a steep correction in September 2024 that saw nearly 40% of its value wiped off.
The share was seen rising yesterday as it battled descending short-term moving averages
However, there is room to grow should it shrug off the near-term pressure to sustain a positive retracement, with resistance levels seen at RM2.60 and RM2.88.
The slow-stochastic has risen to 47 points as it approaches the midpoint, and the RSI is strengthening to 38 points.
The MACD histogram, meanwhile, is picking up momentum with growing positive bars.
Support lies at RM2.06 and RM1.70.
The comments above do not represent a recommendation to buy or sell.
