FM Global Logistics Holdings
FM Global is cited by RHB Research’s technical analysis report (September 23) that it is likely to rebound higher as late buying interest emerged yesterday to reclaim the MYR0.585 resistance level – forming a “higher low” bullish pattern above the 21-day average line. If it manages to sustain above that level, the bullish bias may propel it further towards the MYR0.62 recent high (9 Sep’s high), followed by MYR0.67, or 14 Apr’s high. However, the counter may reverse direction if it falls below the MYR0.565 support – trading below the average line while forming a “lower low” bearish structure.
MI Technovation
This counter is poised for an uptrend reversal as it bounced off the support to reclaim the area above the previous breakout point of MYR1.28 yesterday – printing a “higher low” bullish pattern and above the 21-day SMA line. A bullish bias above that level may drive the counter further north towards MYR1.43, or 13 Sep’s high, followed by MYR1.55, or 4 Aug’s high. If it falls below the MYR1.20 support, the stock may see a reversal in momentum as it forms a “lower low” bearish pattern, below the average line.
