Leong Hup International Bhd
is continuing a rally that began in mid-January 2024 as buying momentum grows stronger on the technical charts. The share is aiming higher for a three-month trading high of 73.5 sen, which in crossing would open the gates for a higher price target of 80 sen.
Looking at the technical indices, the slow-stochastic is rising further in overbought territory, suggesting continued bullishness in the uptrend.The 14-day relative strength index (RSI) is also overbought at 82 points but continues to ascend while the daily moving average convergence/divergence (MACD) histogram is charting successively higher positive bars.
Support for the share is pegged to 57 sen and 51 sen.
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