Genting Bhd
is experiencing a spurt of recovery momentum, having risen this past week to challenge the 50-day simple moving average.
The momentum indices have spiked with the slow-stochastic now flashing an overbought level of 92 points, although it is showing no sign of slowing. In other indices, the 14-day relative strength index (RSI) has climbed to 62 points while the daily moving average convergence/divergence (MACD) histogram is trending higher in a bullish pattern.
In anticipation of further recovery, the share sees higher resistance at RM3 and RM3.53.
Support is found between RM2.21 and RM2.35, which marks its lowest closing levels in recent memory.
Pavilion Real Estate Investment Trust is continuing its march higher, having taken out the 200-day SMA line yesterday and currently facing the overhead 100-day SMA at RM1.82.
The REIT has been on a recovery path over the last two weeks, and looks poised to return to the RM2 level last reached in February.
There is some neutralisation pressure in the slow-stochastic, which has fallen from overbought levels and is now sitting at 75 points. The RSI, however, remains strong at 55 points while the MACD also remains positive.
There is support for the share at RM1.69 and RM1.56.
British American Tobacco (M) Bhd has been travelling close to the 50-day SMA line, but jumped yesterday to leave the indicator behind.
Going by the strong momentum on the technical indices, the share could make its way to a recent closing high of RM6.68, and higher to RM7.40.
While the slow-stochastic is showing signs of downward pressure form an overbought condition of 82 points, the upside momentum remains healthy with the RSI growing at 64 points and the MACD affirming an uptrend.
Support is pegged to RM5.53 and RM4.80.
The comments above do not represent a recommendation to buy or sell.
