Support Line By K.M. Lee

BERJAYA Group fell to a low of 80 sen, the worst since July 2009. Apparently, the extremely oversold position of the stochastic and the mild curving up pictogram of the 14-day relative strength index from the bottom offer hopes of a relief recovery, but the upside is likely to be checked at the 90 sen-91 sen band. Stronger support is seen at the 75-sen mark.

CREST Builder hit a near 15-month high of 87.5 sen in the wake of fresh buying interest. Technically, most indicators are bullish, implying prices may advance in the short term. A push above the 90 sen stiff resistance may clear the way for the bulls to challenge the RM1 mark. The immediate support is resting at the 80-sen floor.

MALAYSIAN Pacific Industries recovered slightly from the most recent lows of RM2.93 to achieve a high of RM3.01 during intra-day session. In spite of that, the prevailing trend is bearish and it will remain negative, as long as the 200-day simple moving average of RM3.28 is intact. In the case of a breakdown, look for the RM2.75 level as the next downside support.

● The comments above do not represent a recommendation to buy or sell.