Vitrox Corp Bhd
is continuing its ascent as it attempts to retrace higher to July 2024 levels of trading. The share is looking at a price target of RM4.80 overhead as the daily price chart turns more bullish with the short-term simple moving average (SMA) and 50-day SMA lines rising at a steady pace.
Past that resistance, the share could bypass RM5 towards a historical closing higher of RM5.54
Looking at the technical indicators, the slow-stochastic has passed the mid-line to 55 points while the 14-day relative strength index has crossed into lower overbought territory at 71 points. The daily moving average convergence/divergence (MACD) histogram remains positive to suggesting the continuation of a bullish trend.
Support can be found at RM3.80 and RM3.30.
Top Glove Corp Bhd continues to idle in consolidation mode, as it awaits a fresh trading lead to break out of the current sideways channel.
Based on the daily price chart, the outlook remains bullish with the SMA lines on an upward trajectory.
The share is looking for a breach of the recent trading high of RM1.44 before proceeding to a next hurdle at the RM2 mark.
There is some weakening in the technical indicates with the slow-stochastic being pressured lower towards the 50-point mid-line, while the MACD continues to drift lower.
There is support at RM1.31 and RM1.13.
AZAM Jaya Bhd rose for a second consecutive day yesterday as it strives to surpass a recent high to return to its trading peak of RM1.32.
There are positive indications in the technical indices, with the slow-stochastic rising to 71 points and the RSI hitting a strong 61 points.
The MACD histogram, meanwhile, is charting stronger positive bars, suggesting the start of an uptrend.
The share is seeing support at RM1.08 and 79 sen.
The comments above do not represent a recommendation to buy or sell.
