Coastal Contracts
Coastal Contracts, according to RHB Research’s technical analysis (September 29), is eyeing to rebound higher as it closed in a positive tone yesterday, above the 21-day average line – coupled with improved trading volume. If the momentum follows through and propel the stock above the nearest resistance of MYR1.95 (the previous session’s high), it may rebound higher towards the MYR2.05 immediate resistance, or 22 Sep’s high, followed by MYR2.09, or the YTD high. However, the counter may reverse direction if it falls below the MYR1.91 support – trending downwards below the average line.
Bermaz Auto
This counter is ready to resume the upward movement after it rebounded strongly from the pullback yesterday – bouncing off the MYR1.83 support, ie also the previous breakout level. Since buying pressure has re-emerged to defend the recent
breakout, the bullish bias above that level is expected to persist. The bulls may drive the stock towards the MYR1.96 recent high, before marking it at MYR2.04, which is the 31 Oct’s high. If it falls below the MYR1.78 support, the stock may see a reversal in momentum as it forms a “lower low” bearish pattern, below the average line.
