Poh Kong Holdings Bhd
remains on a steady rise, closing yesterday at a multi-year high.
Given the share's strong gains, the technical indicators have risen to overbought levels, with the slow-stochastic showing signs of descending into neutral territory.
While some mild profit-taking is to be expected, the share is likely to maintain the robust uptrend towards an eight-month peak of RM1.35. Beyond that, the share could scale to a higher resistance of RM1.65.
On the lower end of the chart, support is pegged at RM1.18 and RM1.09.
Vstecs Bhd has pushed past a resistance to suggest the end of a consolidation trend.
The share crossed RM4.21 amid an uptick in bullish momentum, which could signal a rally towards a historical trading peak of RM4.53.
Looking at the technical indices, the slow-stochastic has risen to overbought conditions at 82 points, but remains healthy. The 14-day relative strength index has also gained to a strong 61 points.
The daily moving average convergence/divergence histogram, meanwhile has charted its first positive bar in nearly two weeks, signalling the start of a recovery.
Support for the share is pegged to RM3.90 and RM3.55.
IGB Real Estate Investment Trust (REIT) bounced back for a second day yesterday after a sharp decline earlier in the week.
The REIT is showing resilience and remains afloat of the 21-day simple moving average.
The technical indicators are mixed, suggesting a period of consolidation although the strong uptrend on the price charts indicates a potential return to the historical closing high of RM2.99.
Support for the share is found at RM2.80 and RM2.50.
The comments above do not represent a recommendation to buy or sell.
