Farm Fresh
The dairy company is poised for a technical breakout after attempting to hit the MYR1.65 consolidation level yesterday – firming up its “higher low” bullish structure according to RHB Research’s technical analysis report dated July 15. If a breakout happens, a “higher high” bullish pattern may emerge to propel the stock towards the next resistance at MYR1.70 or the high of 24 May. This is followed by MYR1.74, i.e. the high of 5 May. However, the stock may reverse direction if it falls below the MYR1.57 support or the recent low – forming a “lower low” bearish pattern beneath the 21-day average line.
Annum
While this counter is eyeing for a positive rebound above the 21-day average line after attempting to move above the MYR0.41 immediate resistance yesterday. If it closes above that level, the stock may climb further towards the next resistance point at MYR0.44 – the high of 8 Jul – before heading towards the MYR0.50 threshold. If Annum falls below the MYR0.37 support level, the stock may trend downwards – below the 21-day average line.
