QL Resources is eyeing to resume its uptrend as it bounced off the immediate support to head towards the recent high of
MYR5.40 – it closed on a positive tone last Friday with the “White Marubozu” bullish candlestick. If a breakout happens
above that level, the bullish momentum may propel the stock towards the MYR5.70 next resistance based on 26 Aug’s high,
followed by the MYR6.00 threshold. However, the stock may reverse direction if it falls below the MYR5.18 support – forming
a “lower low” bearish pattern.
Global Oriental is set for an uptrend continuation as it broke above the MYR0.325 resistance last Friday on strong trading
volume – reversing the profit taking momentum held last Thursday. Coupled with the “higher high” bullish structure, the
stock is expected to climb further towards the MYR0.37 resistance of 2 Jun’s high, and then the MYR0.39 resistance,
which was 30 May’s high – also the 52-week high. If it falls below the support level of MYR0.29, the stock may trend
downwards as it trades below the 21-day average line.
RHB Research
