Kim Loong Resources Bhd
gapped up yesterday as it found new bullish momentum to continue its rally. At the close yesterday, the share came within striking distance of a historical trading high of RM2.20 hit earlier in the week.
With the ongoing buying interest, the share is expected to cross the resistance to chart even higher.Looking at the technical indicators, the slow-stochastic crossed the 50-point level yesterday to signal strong bullish momentum.
The 14-day relative strength index (RSI) hit 63 points while the daily moving average convergence/divergence (MACD) histogram is on the verge of turning positive.Support for the share is found at RM2.03 and RM1.94.
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