SUPPORTLINE by FONG MIN YUAN

ISKANDAR Waterfront City Bhd is pushing upwards on growing momentum, having crossed the uppermost 200-day simple moving average (SMA) on Monday and edging higher on Tuesday. The 200-day SMA had been intact since July 2017 when the downward pressure on the share price saw negative crossings between the short-term and long-term SMAs. Taking the immediate term on the daily price chart, the counter made some upward movement in early December 2017 but resumed a bearish trajectory on Jan 3. However, the strong push on Monday, preceded by a gap up at the opening bell, aims to reclaim any lost ground since the beginning of the year. The indicators have risen to reflect a growing uptrend. The slow-stochastic momentum index has moved up from the oversold line to above 70 points, reflecting strength in the growing trend. There remains plenty of room to grow as the indicator remains healthy under the overbought line. The 14-day relative strength index shows a growing bull trend and has also spiked up past 70 points. Meanwhile the daily moving average convergence/divergence histogram is flirting with a positive crossing of the zero line, helping to confirm a sustained growth trajectory. Moving ahead on positive momentum, the counter will meet the immedi- ate resistance at RM1.46, the recent peak achieved by the counter on Feb 3. A further push would see the stock challenge the RM1.48 mark, taking it to the high achieved on Oct 16, 2017. A pullback however, would see the share price perform a negative crossing of the 50-day SMA and hit a support level at RM1.36. Below that, the 21- and 100-day SMAs serve as further support at RM1.34, although the stock may gravitate towards closing Monday’s upside gap at RM1.32.