FAJARBARU Builder Group has been on a downtrend since July 21, 2017, when it attempted to challenge the recent peak of RM1.01 set on June 6 and July 3, 2017, failing which it entered a consolidation mode. It reached a high of 91 sen yesterday to penetrate the short-term declining trend line at 89.5 sen, triggering a tentative breakout. The indicators look healthy, with the stochastic moving strongly into the bullish territory and the moving average convergence/divergence (MACD) histogram turning upwards. The 14-day relative strength index (RSI) also indicates a sharp upwards drive to the lower regions of the overbought territory, suggesting more scaling in the immediate term. Initial support is seen at 85 sen and solid floor at the 84-sen mark.
JAYA Tiasa Holdings made a strong push out of the sideways pattern it has been trapped in since late September, only to return to the 100-day simple moving average (SMA) line at RM1.11. A bullish opening above the 100-day SMA at RM1.14 yesterday and an intra-day high of RM1.19 suggest that this counter may be mustering the energy for a decisive breach of the upper resistance at RM1.18. Looking at the indicators, the stochastic has issued a “buy” call while the MACD histogram untangled itself from the signal line to move further north. The 14-day RSI is also rearing sharply upwards into overbought territory. Current support is anticipated at the RM1.08 level.
KELINGTON Group has been trapped in a downtrend since May 9, 2017, with multiple attempts to break out of the descending trend line with no decisive success. However, a 0.5 sen gap up in the opening bell to 64.5 sen yesterday and continued buying momentum saw the stock challenge the 73-sen resistance during intraday trade. The stock closed at 69.5 sen but another day of strong buying momentum could see it breach the hurdle and approach the all-time high of 75 sen. The indicators are healthy, with the stochastic triggering a buy signal last Friday. Meanwhile, the MACD histogram has spiked up from above the netural line, and the 14-day relative strength index is angling strongly upwards. Support rests at the 64-sen mark. The comments above do not represent a recommendation to buy or sell.