Thursday June 21, 2012
By K.M. LEE
IOI Corp recovered from a near six-month low of RM4.90 on May 16 to a high of RM5.30 in mid-June, coincidentally also the 100-day simple moving average before pausing. Apparently, the moving average convergence/divergence histogram is rising steadily, implying there may be more scaling in the pipeline, targeting the RM5.60 level. Support is pegged at the RM5.18 floor.
KIMLUN Corp tested the significant resistance of RM1.55 during intra-day session yesterday. With indicators painting an encouraging landscape, a breakthrough can be expected, clearing the course for prices to challenge the upper heavy barrier of RM1.70 in the near term. Current support is resting on the RM1.50 mark.
WTK Holdings hit a one-month high of RM1.28 during intra-day trading on bargain-hunting buying. Technically prices may strengthen on follow-through interest, with immediate resistance seen at the RM1.33-RM1.35 range. A push above the next upper hurdle of RM1.45 is likely to see the fortune of this counter turning brighter. Initial support is envisaged at RM1.23.
> The comments above do not represent a recommendation to buy or sell.