Stock Picks of the Day: Media Prima, Heng Huat Resources Group

Media Prima

Media Prima, as cited in RHB Research’s technical analysis report (October 12), is attempting to stage an uptrend reversal as it bounced off the 21-day average line yesterday while hitting the immediate resistance of MYR0.465, on strong volume. If a breakout happens above that level, the bulls may propel the stock to the resistance level of MYR0.495 or 24 Aug’s high, followed by MYR0.52 ie the high of 31 May. However, the counter may reverse direction if it falls below the MYR0.415 support, negating the previous breakout level.

Heng Huat Resources Group

This counter could retest the YTD high, as it breached the previous resistance of MYR0.38 last Friday and underwent a mild pullback yesterday to close above that breakout level. If it manages to stay above that point, the bulls might drive the stock towards the YTD high of MYR0.415 (recorded on 13 Sep), before trending north further towards MYR0.465 – the 4-year high. If it falls below the MYR0.36 support, the stock may undergo a reversal, as it forms a “lower low” bearish pattern below the 21-day average line.

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