Farm Fresh Bhd
is making a gradual recovery as it edges along the 50-day simple moving average.
The technical indices are showing signs of bullish momentum, with the RSI crossing the 50-point midline. The slow-stochastic is ascending, on target to hit 50 points.
There is initial resistance for the share at RM2.50, but in crossing, it is expected to rise towards RM2.70. The MACD histogram has been bullish for the last two weeks, reflecting the share’s growing recovery.
Support for the share lies at RM2.20 and RM2.
Guan Chong Bhd remains on an uptrend, but is capped by a recent peak of RM1.12.
The share is taking a breather as the share price consolidates. Should the rally resume, it would move higher towards a resistance of RM1.50.
Looking at the charts, the slow-stochastic is rising towards the 50-point midline, a crossing of which would trigger a “buy” signal.
The 14-day relative strength index (RSI) remains firm at 60 points. The daily moving average convergence/divergence (MACD) histogram remains descending, reflecting the consolidation pressure. However, the index is poised to turn positive upon the crossing of the initial resistance.
Support for the share is found at RM1 and 85 sen.
MI Technovation Bhd appears to have avoided a breakdown in the positive trend as it bounces higher over two straight sessions.
With the slow-stochastic bouncing up from the oversold line, the share is expected to remain range-bound while the momentum recovers.
The RSI is strong at 59 points, while the MACD histogram suggests the falling momentum has bottomed out.
On the higher end of the chart, resistance can be seen at RM5.05 and RM5.50. Support is pegged to RM4.50 and RM4.20.
