99 Speed Mart Retail Holdings Bhd
is finding support at the 14-day simple moving average (SMA) after a brief correction phase.
The share looks set to recover given the slow-stochastic is returning from oversold levels. The 14-day relative strength index remains strong at 64 points.
However, the daily moving average convergence/divergence (MACD) histogram remains negative, which suggests there needs to be further buying interest before the share shakes off the ongoing weakness.
A return to a rally could see the share surpass the historical peak of RM3.39. Support is found at RM2.81 and RM2.64.
Malayan Cement Bhd extended a rebound yesterday to affirm the end of a correction phase.
The share rose above the 21-day SMA line in a sign of bullish sentiment, as it made a course for the recent trading high of RM7.20.
Looking at the technical indices, the positive momentum is spiking. The slow-stochastic has risen to 70 points while the RSI stands at 59 points. The MACD histogram remains negative but is showing a transition to a positive trend.
Support for the share is pegged to RM6.40 and RM6.
DRB-Hicom Bhd is taking a breather from its recovery path, with the momentum indices showing signs of slowing.
Based on the daily price chart, the share found resistance at RM1.35, before entering a consolidation phase.
However, the share's uptrend remains supported by the ascending key moving averages, and it is expected to resume the upwards trajectory towards a higher price level of RM1.57.
The slow-stochastic has dipped to 48 points while the RSI has neutralised from overbought conditions at 62 points. The MACD is on a negative trajectory, reflecting the profit-taking pressure over the past week.
Support for the share lies at RM1.12 and 93 sen.
The comments above do not represent a recommendation to buy or sell.
