Chin Well Holdings
In the latest technical analysis released by RHB Research dated 6 July, the report points out that Chin Well may be headed for a rebound, as it attempted to breach the immediate resistance of MYR1.80 on a spike in trading volume, while bouncing off the 21-day average line. If a breakout emerges above that level, the bullish momentum may propel the stock towards the next resistance of MYR1.89, based on 8 June’s high, followed by the historical high of MYR1.98 or 9 June’s high. However, the stock may reverse direction if it falls below the MYR1.69 support – forming a “lower low” bearish pattern.
Affin Bank
Affin Bank is set for an uptrend reversal as it is pointed in the RHB Research’s technical analysis, as Affin breached above the sideways consolidation point of MYR1.90 yesterday – crossing above the 21-day average line. This, on top of the improved volume, leads us to anticipate the stock climbing further towards the high of 5 May, ie the MYR2.01 resistance level. After that, it may head for the MYR2.10 resistance, ie the 52-week high. If it falls below the support level of MYR1.85, the stock may trend downwards as it forms a “lower low” bearish structure below the average line.
