Trading Stocks Poised for Technical Rebound: SFP Tech, Classic Scenic

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SFP Tech

SFP Tech , according to the technical analysis report by RHB Research dated July 13, 2022, is retracing to the oversold level, and is poised for a technical rebound. The stock has been retreating lower lately but it is observed during the recent sessions that trading volume is tapering. The thinner volume suggests selling pressure is moderating. Hence, the downside will be limited in the near term, and expect a reversal of momentum. If the stock manages to surpass the MYR0.57 resistance, it should continue to climb higher towards MYR0.59, followed by MYR0.62. Towards the downside, breaching below the MYR0.545 support could indicate that the bears are still in control and a negative price action should follow through.

Classic Scenic

This counter is testing the immediate resistance with high trading volume. Observe that the stock has been consolidating sideways recently while volume has been building up. If it breaks out from the immediate resistance of MYR0.68, expect a bullish bias to emerge. In this case, the bullish momentum should lift the stock towards MYR0.71, followed by MYR0.74. On the other hand, falling below the MYR0.65 support will invalidate our expectation and unveil a downward correction.

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