Cypark Resources, Texchem Resources with Technical Bullish Momentum

Cypark Resources

Cypark, as quoted by RHB Research’s technical analysis report (dated August 11), is poised to climb further, after attempting to surpass its immediate resistance level of MYR0.455 yesterday, on strong trading volume. If it manages to breach this level – forming a “higher high” bullish structure – the momentum may drive the stock further towards the next resistance at MYR0.495 (27 June’s high), followed by MYR0.52, or 25 May’s high. However, the stock may reverse its direction if it falls below the MYR0.40 support, as it would form a “lower low” bearish pattern.

Texchem Resources

This counter is set to rebound higher after strongly breaching above the MYR3.12 immediate resistance yesterday
– printing a long bullish candlestick and forming a “higher high” bullish pattern. The bullish bias above this level is expected to propel the stock towards MYR3.42, or 22 Jun’s high, and then MYR3.55 (16 Jun’s high). Meanwhile, MYR3.12 has now
become the immediate support. If the stock falls below the MYR2.89 level, the momentum may reverse, as it would form a
“lower low” bearish pattern, and correct below the 21-day average line.

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