Yesterday’s trading session saw a thematic rally among several steel counters, with MASTEEL gaining 10 sen (13.3%), closing at RM0.850. This was backed by strong trading volumes of roughly 2.6x its usual average.
Chart-wise, yesterday’s move brought improvements in technical indicators, with the MACD bucking its downtrend to crossabove its Signal line, coupled with positive upticks seen in the RSI and Stochastic Oscillator.
However, underlying trends of the share still remain negative. The share is currently still below the key SMAs, which are in a “Death Cross” state.
From here, a breakout of its support-turned-resistance at RM0.940 (R1) and RM1.05 (R2) could be an affirmative bullish turn in its technical picture.
Conversely, keen investors should watch out for any break below key support levels at RM0.690 (S1) and RM0.470 (S2).
LEONFB (Not Rated)
LEONFB closed higher at RM 0.760 (+4.8%), whilst forming a bullish “Opening Marubozu” candlestick.
Underlying trend remains bearish with SMAs in “Death Cross”, although momentum indicators are displaying signals of possible reversal - i.e. RSI rebound from oversold territory and bullish MACD-Signal Line crossover.
Look out of crucial resistance at a level near RM0.775 (R1), where a decisive break could pave way towards RM0.855 (R2).
Conversely, RM0.700 (S1) should remain as a strong support in the immediate term.
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