Dagang Nexchange
DNex, according to RHB Research’s technical analysis report (dated August 1) is poised for an uptrend reversal as it climbed higher and attempted to break above the MYR0.815 immediate resistance last Friday – coupled with strong trading volume. If a breakout above that level happens, the bullish bias may propel the stock towards the MYR0.86 resistance or 14 Jun’s low, and then MYR0.91 – 16 June’s high. However, the stock may reverse direction if it falls below the MYR0.76 support – as it may form a “lower low” bearish pattern beneath the 21- day average line.
Sime Darby Plantation
Meanwhile, this counter could trend upwards further as it bounced off the 21-day average line, while moving towards the
immediate resistance of MYR4.47 last Friday – supported by improved trading volume. If it manages to breach above that
level, the bulls are expected to propel the stock towards the next resistance of MYR4.70 ie 16 June’s high, before heading towards the MYR4.85 next resistance or the high of 14 Jun. If it falls below MYR4.15, the bullish momentum may be reversed as it forms a “lower low” bearish pattern below the average line.
