MBM Resources Bhd
extended a strong rebounded yesterday, which goes counter to a descending trend line that began in May.
The share is currently struggling against the short-term 14 and 21-day SMA lines.
Should the share breach the hurdles, it could see upward retracement towards the RM4.92 mark, following which the share could attempt to close the trading gap towards RM5.08.
Momentum remains in the early stages of recovery mode with the slow-stochastic at 34 points and the RSI at 43 points. The MACD has charted a positive bar, signalling a return of positive momentum.
Support lies at RM4.60 and RM4.26.
PMB Technology Bhd rose for a third consecutive session yesterday, as it affirmed a break above the 50-day simple moving average (SMA) and returned to an uptrend.
The share is looking bullish with the momentum indicators heading north. The slow-stochastic is poised to cross into overbought conditions at 79 points, while the 14-day relative strength index (RSI) remains firm at 59 points.
The daily moving average convergence/divergence (MACD) histogram charted a second successive positive bar to reflect the return of bullish momentum.
There is nearby resistance at RM1.81, following which the share could attempt to arrive at a three-month high of RM1.94. Support is found at RM1.60 and RM1.46.
Kerjaya Prospek Group Bhd crossed above the 200-day SMA line earlier this week, reflecting its positive recovery.
However, there are signs the share is taking a breather as the slow-stochastic descends from overbought conditions.
As a consolidation phase takes place, other indicators suggest the bullish momentum remains intact as the RSI stays firm at 63 points and MACD continues to push higher.
Upon continuation of a rally, the share could rally towards RM2.70 before arriving at its historic peak of RM2.87. Support is found at RM2.30 and RM2.09.
