Supportline

LII Hen Industries Bhd bounced higher yesterday after a sharp correction that saw it headed towards the 200-day simple moving average (SMA).

The technical indicators can be seen returning from oversold conditions, suggesting that the decline could be over for now as the stock retraces some losses.

Overhead, the stock is looking towards a resistance in the RM3.90 to RM4 range, where the SMA lines are converging. Short of a positive crossing, the stock risks returning to a correction.

To the downside, support is found at the recent low of RM3.52 and RM3.40.

GENTING Bhd’s rally over the last three sessions has taken it to a higher leg of trading, as it now attempts to return to a December 2020 high of RM4.98.

Looking at the daily price chart, the rising SMA lines suggest an improving outlook for the counter. The eventual crossing of the 21-day SMA with the 50-day SMA would indicate growing strength in the current trend.

The technical indicators are also looking bullish albeit entering overbought territory. Given the strong positive momentum, the slow-stochastic and 14-day relative strength index (RSI) are expected to rise into overbought territory.

Lower on the chart, support is found at RM4.59 and RM4.26.

MYCRON Steel Bhd’s intra-day surge yesterday saw the share price pushes through the immediate resistance and aims towards a high price target.

Going by the daily price chart, there is room for the bulls to roam as the next significant hurdle lies at the December 2020 high of 82.5 sen.

The dominant trend on the price chart is bullish, which looks positive for investors as the stock attempts to end a brief rangebound movement to resume its advance.

The technical indicators remains healthy with the RSI resting just below overbought levels. The slow-stochastic remains weak at 31 points.

Support for the stock is found at 57 sen and 47 sen.

The comments above do not represent a

recommendation to buy or sell.