Sup­port­Line

The Star Malaysia - StarBiz - - News - FONG MIN YUAN

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.

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