Mah Sing Group Bhd
(code: 8583) advanced for a second day to rise above the uppermost 14- and 50-day simple moving averages (SMA) as bullish sentiment resumed on the counter.
The stock had undergone a correction in August and September, which saw a breakdown of the ascending trend line, before bouncing higher this past Monday.
Over subsequent trading sessions, the share price will challenge the immediate resistance of 72.5 sen, a positive breach of which would see the bulls taking charge of the daily price chart.
Subsequent gains on the chart would also see the short-term 14- and 21-day SMAs turn their head northwards to indicate the start of a short-term uptrend. The rise of the 21-day SMA over the 50-day SMA would help to confirm a positive reversal and end to the correction phase.
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