IJM Corp Bhd
remains in a consolidation phase but there are indications of growing momentum and a move higher.
While the share remains capped by the 200-day simple moving average (SMA) line, the technical indicators show rising bullishness, which is expected to lead to a breach of the resistance.
The slow-stochastic and 14-day relative strength index (RSI) are passing 60 points, reflecting robust momentum. The daily moving average convergence/divergence (MACD) histogram remains negative, but is slowing its descent.
Should the moving average be taken out, IJM could be headed to a January high of RM3.30. Support for the share is pegged to RM2.40 and RM1.80.
Kelington Group Bhd is gaining speed as it attempts to reach a historical trading high of RM3.71.
There has been growing support for the share from the rising SMA lines and pick-up in technical momentum.
On the indices, the slow-stochastic has hit a high 75 points and the RSI, 67 points.
The MACD histogram has made a positive crossing and charted a positive bar, signalling bullish momentum.
Support is found at RM3.02 and RM2.60.
The comments above do not represent a recommendation to buy or sell.
