PMB Technology
In RHB Research’s technical analysis report (October 6), PMB Tech is set to reclaim the historical high as it staged a breakout above the MYR4.05 level yesterday despite the sharp profit taking yesterday. Strong buying interest above that level – and also above the 21-day average line – is expected to propel the stock higher in the later sessions to hit the MYR4.23 recent high. This is then followed by the historical high at the MYR4.49 mark. However, the counter may reverse direction if it falls below the MYR3.65 support – forming a “lower low” bearish structure below the average line.
Alliance Bank Malaysia
This counter is poised to rebound higher as it attempted to reclaim above the 21-day average line and also the breakout level of MYR3.63 yesterday. If it manages to break above the resistance level, the renewed buying interest may drive the stock towards the recent high of MYR3.78, or 13 Sep’s high, before propelling further towards the MYR4.00 mark. If it falls below the MYR3.50 support, the stock may see a reversal in momentum as it forms a “lower low” bearish pattern, below the average line.
