RHB Research’s Trading Stocks: Malaysian Bulk Carriers, Dayang, Affin Bank, Taliworks

Malaysian Bulk Carriers

Malaysian Bulk Carriers is attempting to rebound from the recent bottom as it bounced off the support towards hitting the
MYR0.50 resistance level for five consecutive sessions. If it manages to reclaim above that threshold, a counter-trend rebound may occur to breach the MYR0.535 resistance, followed by April’s high of MYR0.565. However, the stock may continue its downtrend movement if it falls below the MYR0.48 support, as it forms a “lower low” bearish pattern.

Dayang Enterprise Holdings

Dayang is poised to climb upwards as it attempted to move past its MYR0.925 resistance yesterday –crossing above the 21-day average line. If a breakout happens above that level, a “higher high” bullish pattern will be observed. The next resistance is set at MYR0.955, followed by the MYR1.00 psychological level. If it falls below the support threshold of MYR0.87, selling pressure may emerge as it trades below the average line.

Affin Bank

Affin Bank is set to propel northwards as it broke above the MYR2.13 immediate resistance on strong volume yesterday –
forming a “higher high” bullish structure. If the positive momentum persists, the stock may trend higher towards MYR2.24, then MYR2.34. Conversely, the momentum may reverse if it drops below the MYR2.06 support – trading below the 21-day average line.

Taliworks Corporation

Taliworks Corporation is set to resume its uptrend movement as it crossed above the MYR0.945 consolidation phase on
stronger volume yesterday – forming a “higher high” bullish structure. If the momentum sustains, the stock is set to propel
stronger towards the MYR0.985 recent high, followed by the MYR1.03 multi-year high. Meanwhile, a drop below the
MYR0.915 support may reverse the momentum southwards as it forms a “lower low” bearish structure, below the average line.

Previous articleMarket Sentiment Is Expected To Remain Fragile
Next articleEarnings Exceeded Street’s Forecasts, ‘BUY’ Call on LBS: RHB Research


Please enter your comment!
Please enter your name here