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Eye On Stock - VS (6963) V.S INDUSTRY BHD

VS Industry Bhd (code: 6963) has been biding its time in consolidation mode at multi-year highs since coming off a peak in October.

It is currently trading along the short-term 14- and 21-day simple moving averages (SMAs) and continues to look bullish.

The range-bound motion looks set to continue for a while more but with the rising moving averages offering lift below the share price, it appears to be a matter of time before the stock breaks higher to resume its uptrend.

Based on the daily price chart, the stock has been moving higher along an ascending trend since bouncing off a trough on March 19.

Coupled with positive momentum on the technical indicators, the dominant trend line is expected to continue once the stock sees a resurgence of investor interest.

Trading volume on the counter remains unimpressive for now as it has petered out since the share price hit its recent peak on Oct 18, with investors awaiting a fresh catalyst to resume trading action.

The slow-stochastic is currently rising towards the 50-point midline, which indicates bullish growth while the 14-day relative strength index is looking healthy at 55 points.

The daily moving average convergence/divergence line remains below the signal line, which indicates that there needs to be a spark in buying momentum before the share price can rise to another leg of trading.

A positive crossing of the signal line would indicate the resumption of a rally.

Overhead, the stock faces resistance in the RM2.50-RM2.56 range, which is currently holding it in a sideways channel.

Below, support is found in the RM2.30-RM2.25 range, a negative breach of which would signal a possible correction.

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

https://www.thestar.com.my/business/business-news/2020/11/21/eye-on-stock---vs-industry

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