IGB Real Estate Investment Trust
(IGB-REIT) continued on its uptrend yesterday, taking out a resistance at RM2.88 to approach a recent high of RM3.06.
Based on the daily price chart, there is a bullish outlook on the stock as it continues to outpace the short-term simple moving averages.
The technical indices are robust, with the slow-stochastic rising to 56 points and the 14-day relative strength index (RSI) arriving at 64 points.
The daily moving average convergence and divergence (MACD) histogram is also maintaining a positive trajectory wit rising momentum.
Support can be found at RM2.75 and RM2.50.
Thong Guan Industries Bhd is taking a short breather after a meteoric rally between March and April this year.
The share remains on a strong uptrend although the overbought conditions have begun to neutralise, leading to some profit-taking pressure.
Nevertheless, the technical indices remains robust. The slow-stochastic stands at 69 points while the RSI remains in overbought mode at 72 points. The MACD histogram continues to rise in a strong bullish pattern.
Overhead, the share sees resistance at RM1.82 before arriving at an 11-month high of RM2.19.
Support is pegged to RM1.30 and RM1.
Johor Plantations Group Bhd is attempting to rise out of a sideways channel, as it makes its way overhead to a historical high of RM1.95.
The share's technical indicators remains robust with the slow-stochastic crossing the 50-point midline to signal a "buy" call. The RSI is rising at 61 points in bullish mode.
The MACD, meanwhile, remains in a negative momentum pattern, but has halted the decline.
There is support for the share at RM1.80, and at RM1.65.
The comments above do not represent a recommendation to buy or sell.
