Pentamaster Corp Bhd
was seen retreating amid the tech sell-off on Tuesday, but was quick to rebound to higher levels yesterday.
There was neutralisation pressure in the technical indices with the slow-stochastic descending from overbought conditions.
However, it has since stabilised at a firm 58 points, suggesting a healthy pullback.
The RSI remains at a high level of 67 points, while the MACD remains bullish.
The share is expected to climb to higher levels of RM5.40 and RM5.80 while support is pegged to RM4.32 and RM4.
MN Holdings Bhd was quick to arrest the profit-taking seen earlier in the week, bouncing back to a fresh closing high of RM2.80.
The share is looking good to resume its uptrend, with the technical indices triggering “buy” signals following the rebound.
The slow-stochastic has crossed into a bullish 56 points while the RSI is also robust at 64 points.
The daily moving average convergence/divergence (MACD) histogram remains mildly negative, but is poised to turn to a positive trend.
EG Industries Bhd rebounded off the 21-day simple moving averages (SMA) yesterday after an earlier sell-off, signalling persistent bullish sentiment in the share.
The share has entered a consolidation phase with the slow-stochastic descending to a low 37 points.
However, the momentum indicator is making its way back up to the 50-point midline, which would trigger a resumption of the uptrend. The 14-day relative strength index (RSI) remains firm at 60 points.
Should the share return to a rally, resistance is pegged at the recent trading high of RM1.91. Support is found at RM1.71 and RM1.51.
