Power Root
This counter, as quoted by RHB Research’s technical analysis report dated July 21, is poised to resume its uptrend as it rebounded yesterday from the immediate support on the back of stronger trading volume – eyeing the immediate resistance of MYR1.85. If a breakout occurs above that level, the bullish bias may propel the stock towards the resistance of MYR1.93, followed by the MYR2.00 psychological mark, or 30 Nov 2020’ high. However, the stock’s bullish momentum may fade away if it falls below the MYR1.77 support – as it may form a “lower low” bearish pattern.
UWC
UWC is set for an upward rebound as it broke above the MYR3.42 resistance on stronger volume yesterday – printing a
“White Marubozu” bullish candlestick. If the bullish momentum persists, the stock may climb further towards the immediate
resistance at MYR3.80 – or the high of 7 April – before heading towards MYR4.08, or the high of 5 April. If it falls below the
support level of MYR3.24, the stock may trend downwards, below the average line.