Pekat Group Bhd
is gaining steam after four straight days of gains that has seen it break clear of the uppermost 200-day SMA line.
The share is extending a sharp recovery, with an eye for arriving at resistance levels of RM1.74 and challenging a historical closing high of RM1.89.
The slow-stochastic has crossed into overbought levels at 88 points, but remains ascending to reflect the growing momentum. The RSI has also reached into the overbought level at 71 points.
The daily moving average convergence/divergence histogram is also displaying bullish momentum with successively higher bars.
Support can be seen at RM1.45 and RM1.12.
99 Speed Mart Retail Holdings Bhd is rising out of a consolidation pattern after two days of gains.
The rally is expected to continue given the improving sentiment. In the event of a confirmed breach of the 21-day SMA, the share is expected to look towards a higher resistance at RM3.80, en route to RM4.15.
Looking at the technical indices, the slow-stochastic remains weak at 42 points but the 14-day RSI is gaining momentum as it rises to 47 points.
Support for the share is found at RM3 and RM2.80.
PIE Industrial Bhd is seeing some bargain-hunting activity going by the two days of gains that has returned it above the 50-day simple moving average (SMA) line.
The share is expected to sustain its push higher over the near term as it attempts to arrive at the RM2 level. A breach would signal a bullish recovery, with further resistance seen at RM2.50.
At present, the technical indices are pushing higher at bullish levels with the slow-stochastic at 70 points and the 14-day relative strength index (RSI) at 65 points.
Support for the share is pegged to RM1.11 and 70 sen.
