Support Line

HOVID pulled back from the recent high of 29 sen on Jan 17 to a low of 20.5 sen on May 18 before turning range-bound. Going forward, prices may continue to drift sideways with significant resistance anticipating at the 22.5-23 sen band, followed by the 100-day simple moving average of 24 sen. In case of a breakdown, look for the 18 sen mark as the lower support. JCY International rebounded from the RM1.30 line on May 28 to a high of RM1.49 three days later before pausing. Based on the daily chart, the short-term trend still is bearish and will remain negative as long as the descending line of RM1.50 is intact. Current support is envisaged at the RM1.40 mark. MEGB recovered slightly from an all-time low of 94 sen on May 18 to a high of RM1.10 on May 29 before turning sideways. Technically, prices are likely to extend the base building process but with a slight upward bias. A push above the 200-day simple moving average of RM1.18 may see the fate of this stock turning around. Initial support is resting at the RM1 mark. l The comments above do not represent a recommendation to buy or sell.