Sime Darby Property Bhd
edged above the 100-day simple moving average (SMA) as it attempted to rise above a consolidation channel.
The share underwent a correction in the closing days of February, and has been travelling in range-bound motion over the recent days.
However, the slow-stochastic has lifted off the oversold line to suggest a return of bullish momentum. Similarly, the 14-day relative strength index (RSI) has strengthened in a bid to end the consolidation phase.
Overhead, the share faces immediate resistance at RM1.45, with next resistance at RM1.56.
Support is pegged to RM1.36 and RM1.27.
British American Tobacco (M) Bhd has been marking time as it attempts to come out of consolidation mode after a surge in valuation in February.
The share continues to idle sideways in search of a fresh buying lead, although the momentum indicators are showing some signs of life.
The slow-stochastic is poised to make a positive crossing after retracing lower from overbought conditions, suggesting the potential end to the consolidation phase.
The RSI has also perked up to the overbought line at 69 points, indicating strong momentum.
Conversely, the daily moving average convergence/divergence (MACD) histogram is charting negative bars, reflecting declining momentum.
On the higher end of the chart, the share sees resistance at RM6.92 and RM7.38. Support lies at RM5.56 and RM5.
Farm Fresh Bhd appears to have reached the end of its correction phase after finding support at RM2.52.The momentum indicators are showing signs of improvement, with the slow-stochastic curving higher in oversold conditions, while the RSI is also similarly rising from overdone selling.
In the event of a sustained rebound, the share could rise towards RM2.80 and back to a historical closing high of RM2.99.
The comments above do not represent a recommendation to buy or sell.
