Coastal Contracts
Coastal Contracts, as cited by RHB Research’s technical analysis report dated August 25, is eyeing a bullish breakout, after testing the MYR1.78 immediate resistance level. It is observed that the stock has rebounded from the 21-day SMA line, suggesting that the bulls are now in control. If the breakout takes place, the stock would chart a fresh “higher high” bullish pattern. In this case, the positive momentum would propel it towards the next resistance pegged at MYR1.83, followed by MYR1.93. On the downside, a fall below the MYR1.70 support level would indicate that a correction phase has started.
EP Manufacturing
This counter’s momentum has picked up pace again, as it broke past the MYR1.08 resistance on strong volume. It is
observed that the stock recently underwent a sideways consolidation. The latest bullish breakout marks the end of
consolidation, and the start of upward movement. Amidst renewed momentum, the stock should climb towards MYR1.14
followed by MYR1.20. On the other hand, a fall below the MYR1.02 support level would nullify the research house’s positive expectation.
