Genting Bhd
could be extending its recovery after a sharp sell-off in the opening days of March.
The share is seeing a pick-up in momentum as it heads towards the trading gap on Feb 28, 2025, which in closing would see the share arrive at RM3.70. Incidentally, the target also meets the descending 100-day simple moving average (SMA)
The recent peak of RM3.93 also serves as a higher price target.
Looking at the technical indicators, the slow-stochastic has risen to overbought conditions at 86 points while the 14-day relative strength index (RSI) remains weak at 39 points.
Meanwhile, the daily moving average convergence and divergence (MACD) histogram is seeing a slowing negative trend.
On the lower end of the chart, support is found at RM3.05 and RM2.77.
QL Resources Bhd bounced back yesterday to remain above the 50-day SMA line.
The share remains on a positive trend although a downturn in the technical indicators is suggesting some profit-taking could be in the books.
The slow-stochastic has fallen to 36 points, suggesting growing weakness in the momentum while the MACD has crossed lower into a negative signal.
For the present, the share looks likely to idle below the resistance of RM4.90, a level that has to be overcome to signal a resumption of the uptrend.
However, the share is also well-supported by the 200-day SMA line, which is currently ascending towards RM4.60.
Unisem (M) Bhd's positive retracement could be picking up speed as the momentum indices turn bullish.
The slow-stochastic has crossed the mid-line to 58 points while the RSI is attempting to rise out of oversold conditions at 27 points.
The MACD histogram is charting shorter negative bars to indicate a gradual return to bullishness.
While the share must first overcome the descending short-term 14-and 21-day SMA lines, it would find stiff resistance levels at RM2.42 and RM3.08.
Support is pegged to RM1.83 and RM1.60.
The comments above do not represent a recommendation to buy or sell.
