MNRB Holdings Bhd
broke out of its consolidation channel earlier this week, paving the way for a sustained uptrend.
While the technical indices are currently overbought, they remain healthy, with the slow stochastic pacing higher at 90 points and the 14-day relative strength index staying afloat at 72 points.
The daily moving average convergence/divergence (MACD) histogram continues to pace higher in a growing bullish trend.
Resistance levels are seen at RM2.35 and RM2.50, while support for the share can be found at RM1.95 and RM1.85.
DRB-Hicom Bhd has been consolidating over recent days as investors booked profits from a two-month rally.
However, the share remains supported by the 21-day simple moving average (SMA) while the profit-taking has shown signs of slowing down.
Looking at the technical indices, the slow-stochastic has bounced off the oversold line to resume an upward trajectory at 40 points. The RSI remains strong at 62 points.
The MACD continues to descend, reflecting the sluggish momentum, although the trend is expected to change in the coming term.
Resistance for the share is found at RM1.35 and RM1.50. Support can be found at RM1.23 and RM1.12.
Sarawak Plantation Bhd is challenging a recent peak at RM2.95, which in crossing would see the share price rise to a multi-year high of RM3.38.
The daily price chart is currently looking bullish with the SMA lines in full ascent.
Looking at the technical indices, the slow-stochastic has entered into the lower region of overbought territory but remains healthy at 84 points. The RSI has similarly crossed into overbought levels at 73 points.
The MACD histogram has made a bullish crossing and charted its first postive bar to signal the positive momentum growth.
Support for the share is pegged to RM2.80 and RM2.67.
The comments above do not represent a recommendation to buy or sell.
