Press Metal Aluminium Holdings
PMetal is eyeing for a rebound from its support level – it bounced off positively yesterday following Monday’s “Hammer” bullish reversal candlestick. If the positive momentum persists towards breaching the MYR5.01 resistance, a bullish bias may be observed above this level. The next resistance is eyed at MYR5.20 – near its 21-day average line – and followed by the MYR5.54 recent high. However, the stock may reverse direction if it falls below yesterday’s low of MYR4.86 – negating the aforesaid positive momentum.
Guan Chong
This counter is set to rebound higher from its recent pullback after opening lower near the 21-day average line yesterday. However, it bounced off strongly to breach Monday’s high ofMYR2.50 – forming a “Bullish Engulfing” candlestick pattern. If
the buying interest persists, it is expected to climb further towards the recent high of MYR2.63 and followed by MYR2.73. If it falls below the MYR2.43 support, the stock may trend downwards below the average line.
