Vitrox Corp Bhd
has reclaimed the uppermost 14-day simple moving average (SMA) after bouncing back from a correction phase.
The share is reaching for the RM4.85 level it hit last month before proceeding to the RM5 level in a resumption of the uptrend.
Looking at the technical indices, the slow-stochastic is about to affirm a return to bullish firm as it is poised to cross the 50-point midline. The 14-day relative strength index (RSI) is standing strong at 59 points.
The daily moving convergence/divergence (MACD) histogram, meanwhile, continues to reflect sluggish momentum, but could be turning higher with the crossing of the immediate resistance. Support is pegged to RM4.35 and RM4.
Hap Seng Consolidated Bhd spiked higher yesterday as the recovery gained momentum towards an immediate resistance of RM3.12.
The return to a RM3.58 level is looking more likely, followed by RM3.93.
The technical indicators are painting a promising picture with the slow-stochastic at a robust 68 points and the RSI at a strong 69.
The MACD has charted a fourth consecutive positive bar, the highest in the series, to indicate growing bullish momentum. Support lies at RM2.81 and RM2.70.
Kimlun Corp Bhd extended its gains for a second straight day yesterday as it attempted to reclaim a recent perch of RM1.50. Upon breaching the resistance, the share would resume a recovery trend towards a 15-month high of RM1.77.
Indications of a sustained rally are strong with the near-term 14-day SMA line curving higher to reclaim its uppermost position on the chart.
The slow-stochastic and RSI are looking firm at 74 and 54 points respectively. The MACD histogram is also trending higher, posited to turn a negative bar into positive. Support can be found at RM1.18 and 99 sen.
