Leader Steel Holdings

LEADER Steel Holdings penetrated the recent peak of 66.5 sen to hit a high of 72.5 sen during intra-day trading, the best since August 2008, in the wake of fresh buying momentum. Apparently, the stochastic has reached the top but the 14-day relative strength index indicated there is still room for more scaling while the moving average convergence/divergence histogram retained the bullish note, implying investors can consider buying on dips, if there is a pullback due to overbought reason. To the upside, prices are expected to face significant resistance at the 80-sen mark. Support is envisaged at the 63-sen level and the lower floor is lying at the 54 sen-55 sen band.