CIMB Group Holdings
CIMB is poised to trend upwards, as stated in the RHB Research’s technical analysis report dated July 20, as it rebounded yesterday from the recent pullback – firming up its “higher low” bullish structure. If it breaches the immediate resistance of MYR5.14 – thereby forming a “higher high” bullish pattern – the bullish bias may propel the stock towards the resistance of MYR5.30 (or the high of 14 April), followed by the MYR5.40 or 5 May’s high. However, the stock may reverse direction if it falls below the MYR5.03 support – as it may form a “lower low” bearish structure.
Duopharma Biotech
As stated in the RHB Research’s technical analysis report dated July 20, this counter is set for an upward rebound as it broke above the MYR1.25 resistance on stronger volume yesterday – forming a “higher high” bullish pattern. If the bullish momentum persists, the stock may climb further towards the next resistance of MYR1.35 – or the high of 13 June – before heading towards MYR1.43, or the high of 15 Jun. If it falls below the support level of MYR1.18, the stock may trend downwards, below the average line.
