Eastern & Oriental Bhd
surged yesterday to clear the 200-day simple moving average (SMA) as its resumed a bullish trend.
Following this latest price jump, the slow-stochastic has risen to overbought conditions at 80 points while the 14-day relative strength index is also overbought at 70 points.
While there may be pressure to consolidate over the near term, this is expected to be brief as the share resumes its uptrend past the 83 sen resistance. Meanwhile, higher resistance can be found at 91.5 sen.To the lower end of the chart, support is found at 70 sen and 60 sen.
Ranhill Utilities Bhd broke out of a sideways channel to resume a positive trend as it aims to for a historical trading high of RM2.06.
The daily price chart is indicating a bullish trend, with rising moving averages and strong investor sentiment.
Looking at the technical indices, the slow-stochastic has signalled a "buy" call at 45 points, while the RSI is ascending at 65 points.
The daily moving average convergence/divergence histogram is progressing at a gradual pace, indicating growing bullishness.
Support for the share is found at RM1.65 and RM1.51.
Dayang Enterprise Holdings Bhd rebounded yesterday to erase the losses from earlier in the week.
However, the share remains trapped by the short-term 14- and 21-day SMA lines, indicating resistance as it attempts to return to RM2 levels of trading.
An upside breach of the current pattern could see the share rise towards RM2.60.
The technical indices are recovering with the RSI rising above 50 points, while the slow-stochastic has risen out of oversold conditions at 40 points.
Support for the share is pegged to RM1.67 and RM1.43.
The comments above do not represent a recommendation to buy or sell.
