Bumi Armada
This counter is poised for an upward rebound as it moved upwards to hit the immediate resistance of MYR0.445 yesterday. A bullish bias may emerge if it breaches that level, as the stock may then form a “higher high” bullish pattern. If that happens, it may continue to climb towards MYR0.485, followed by the next resistance of MYR0.52. However, the counter may move south if it falls below the MYR0.415 support, as it forms a “lower low” bearish pattern, below the 21-day average line.
IGB REIT
IGB REIT may move above the sideways consolidation phase at the resistance of MYR1.65, since buying pressure emerged
yesterday above the 21-day average line. If a breakout above that level happens, the stock may propel further towards the
resistance of MYR1.70, followed by MYR1.75. If it falls below the support level of MYR1.61 – below the average line – the
stock may trend downwards.
Malaysian Pacific Industries
MPI is undergoing a technical breakout after it moved past the MYR32.50 immediate resistance on strong volume – forming a “higher high” bullish structure above amid a “White Marubozu” bullish candlestick. If it manages to stay above that level, the stock may propel towards the resistance of MYR37.40, followed by MYR39.48 – the highest point since 25 March. Conversely, the momentum may reverse direction if it drops below the MYR30.00 support – drawing a “lower low” bearish pattern beneath the average line.
Vitrox Corporation
Vitrox is set for a counter-trend rebound as it pushed above the MYR7.74 resistance yesterday with a “White Marubozu” bullish candlestick. If buying interest persists, the bulls may drive the stock towards the MYR8.00 resistance, followed by MYR8.45. Meanwhile, a drop below the MYR7.46 support – which was yesterday’s low – may reverse its direction, as it negates yesterday’s bullish momentum.
