DRB-Hicom Bhd
has lifted above the 50-day simple moving average (SMA) for the first time in a month as the share attempts to break out of a consolidation phase.
The technical indices have lifted to firm levels with the slow-stochastic rising at 59 points and the 14-day relative strength index (RSI) climbing at 55 points.
The daily moving average convergence/divergence (MACD) histogram has charted a longer upward bar, reflecting the growing bullishness.
With the rising momentum, the share is looking at a resistance at RM1.24, which in crossing would see the share ascend to a higher hurdle at RM1.35.
Support for the share lies at RM1.02 and 92 sen.
Top Glove Corp Bhd snapped a three-day rally yesterday, but the week's gains have put it on a more solid technical footing.
The share rose above the 100-day SMA line this week and came within striking distance of a resistance at 72 sen. A breach above this obstacle could see the share rise towards a higher resistance of 95 sen.
Going by the technical indices, the share is taking a breather from overbought levels of trading. Nevertheless, once the indices have neutralised, the share is expected to resume its upward trajectory.
The MACD is giving a bullish signal with three successively higher positive bars, reflecting the growing momentum.
Support for the share is pegged to 60 sen and 53 sen.
Bursa Malaysia Bhd is bouncing back on a two-day rally as the technical indices avoided crossing below the oversold line and is showing signs of recovery.
The counter has crossed above the 100-day SMA line and is looking to reclaim RM8.70 and a recent closing high of RM9.11.
While the technical charts are retracing higher, the slow-stochastic has hit a bllish 51 points while the RSI is rising at 46.
Support is pegged to RM8.40 and RM8.20.
The comments above do not represent a recommendation to buy or sell.
