UUE Holdings Bhd
rose for a third straight day yesterday as it mounted a challenge to the upper limit of a consolidation channel.
The share looks set on breaking free of a 62 sen resistance, en route to a trading high of 64.5 sen.
The technical indices are positive with the slow-stochastic rising to 50 points and the 14-day relative strength index (RSI) climbing to 56 points.
The daily moving average convergence/divergence (MACD) histogram shows a narrowing negative trend.
Support can be found at 56 sen and 50 sen.
Southern Cable Group Bhd is showing signs it has hit bottom as yesterday's bounce halted a month-long correction.
The share had been seeing strong profit-taking pressure after a five-month rally between April and September this year.
However, the technical indicators are showing signs of returning from oversold levels, suggesting the selling could be done for now.
The slow-stochastic has curved higher in oversold territory while the RSI bounced off the oversold line to head higher at 37 points.
The MACD histogram remains negative given the downtrend.
A retracement could see the share return to its historical high of RM2.52. Support is seen at RM1.70 and RM1.50.
Hartalega Holdings Bhd is seeing growing bullish momentum as the share price moves in a sideways consolidation pattern.
On the daily price chart, the short-term simple moving averages are turning higher, reflecting a growing near-term optimism, while the share price remains afloat of the 50-day SMA line.
The slow-stochastic and RSI have crossed the 50-point midline to signal a return to bullishness, suggesting the share is attempting to shake off the downtrend that began early in the year.
There is resistance at RM1.53 and RM1.95 while support can be found at RM1.10.
