Eye on stock
AFTER breaching the most recent peak of RM1.57 on Thursday, Glomac shares extended the upward thrust to achieve a 38-month high of RM1.66 during intra-day session amid follow-through buying momentum yesterday.
Based on the daily bar chart, the bulls are now running on a new recovery track after undergoing a period of correction earlier of the year. Perhaps, investors can consider taking up a position, if one is optimistic of additional gains in the immediate term.
The daily slow-stochastic momentum index was positive, with the oscillator per cent K and the oscillator per cent D marching steadily towards the bullish territory.
Likewise, the 14-day relative strength index climbed from the mid-range earlier of the week to end at around the 83 points level yesterday.
Elsewhere, the daily moving average convergence/divergence histogram resumed the upward expansion against the daily trigger line to stay bullish. It flashed a buy in mid-September.
Technically, indicators suggest more scaling in the pipeline. If prices can penetrate the RM1.73-RM1.75 heavy resistance band, the next upside objective to look for would be the RM2-RM2.10 level.
Concrete support floor is pegged at the 14-day simple moving average of RM1.53. -
By K.M. LEE
● The comments above do not represent a recommendation to buy or sell.
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