Gamuda Bhd
recovered for a fourth straight day yesterday, passing the short-term 14-day simple moving average (SMA) to indicate growing momentum towards the upside.
The share faces resistance at the 50-day SMA, which in crossing should see the recovery pick up pace.
A stiffer resistance lies at RM5.19, which serves as the share's all-time closing high.
On the technical indices, the slow-stochastic is on the verge of crossing into overbought conditions, but remains in a healthy upward trajectory.
The 14-day relative strength index (RSI) is also showing positive momentum towards the 50-points mid-line, while the daily moving average convergence and divergence (MACD) histogram is poised to turn positive.
Support for the share is pegged to RM3.85 and RM3.47.
Sunway Construction Group Bhd plunged below all the key SMA lines in January, but has been seen making a recovery in recent days.
On Tuesday, the share crossed above the 14-day SMA line, and extended the recovery yesterday.
Going by the ongoing pickup in bullish momentum, the positive retracement is expected to continue as the share heads towards a resistance at RM4.35. An all-time trading peak of RM5.30 serves as further resistance.
A rapidly rising slow-stochastic index is pushing into overbought conditions while the RSI is growing stronger at 45 points.
The MACD histogram is on the verge of turning positive, suggesting the onset of bullish growth.
Support is found at RM3.30 and RM2.18.
Sime Darby Property Bhd rose above a descending trend line yesterday to challenge the 50-day SMA.
Upon crossing, the share will see resistance at RM1.60 before heading for a record trading high of RM1.81.
Looking at the technical indicators, the slow-stochastic has climbed to a robust 56 points while the RSI has crossed the 50-point mid-line to suggest bullish momentum.
The MACD histogram remains negative but is turning towards positive territory.
Support can be found at RM1.39 and RM1.24.
