Stock Picks of the Day: LGMS, Shin Yang Shipping Corp


LGMS, as quoted in the RHB Research’s technical analysis report (September 28), is set to rebound from the recent pullback as it inched up to reclaim above the MYR1.19 immediate resistance yesterday – which was also above the 21-day average line. Coupled with improved buying interest during the late session, the stock is likely to jump further towards MYR1.30 (13 Sep’s high) before breaching the MYR1.45 historical high ie 12 Sep’s high. However, the counter may reverse direction if it falls below the MYR1.13 support – trading below the 21-day average line while forming a “lower low” bearish structure.

Shin Yang Shipping Corp

Whilst this counter is eyeing to resume its upward movement following a pause in the pullback yesterday as well
as an intraday rebound – closing above the 21-day average line. If the rebound persists and the stock reclaims the MYR0.76
immediate resistance, this will likely signal a bullish bias. The bulls may then drive the stock towards the MYR0.815 recent
high, before marking it at MYR0.87, which is the YTD high. If it falls below the MYR0.65 support, the stock may see a reversal in the momentum as it forms a “lower low” bearish pattern, below the average line

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