Stock Picks: Opcom Holdings, Thong Guan Industries

Opcom Holdings

This counter, according to RHB Research’s technical analysis report (September 21), is poised to trend north as it rebounded strongly from the 21-day average line, while attempting to surpass the immediate resistance of MYR0.84,and forming a “higher high” bullish structure. Bullish bias above that level may propel it further towards the MYR0.895 point (1 Aug’s high), followed by MYR0.99 or 12 May’s high. However, the counter may reverse direction if it falls below the MYR0.785 support – trading below the average line while forming a “lower low” bearish structure.

Thong Guan Industries

Thong Guan is set to continue on its uptrend, as it broke above the MYR2.67 resistance level yesterday – forming a “higher high” bullish pattern. If the breakout remains in place, bullish bias above that level may drive the counter upwards further, towards the recent high of MYR2.86 – 12 Jan’s high, followed by MYR3.08 or 23 Oct 2020’s high. If it falls below the
MYR2.56 support, the momentum may reverse direction, as it forms a “lower low” bearish pattern below the average line.

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