Press Metal Aluminium Holdings
Press Metal, according to RHB Research’s technical analysis report (October 14) is poised for a rebound as it attempted to move past the 21-day average line yesterday before retracing during the intraday session. If it manages to climb and reclaim yesterday’s high of MYR4.24 – just above the average line – the bullish bias above that level may propel the stock to its recent high of MYR4.43, or 6 Oct’s high, followed by MYR4.75 ie the high of 14 Sep. However, the counter may reverse direction if it falls below the MYR4.00 support, forming a “lower low” bearish structure.
Datasonic Group
This counter is set to rebound higher as it bounced off the MYR0.495 immediate resistance yesterday – firming up its
“higher low” bullish pattern above the 21-day average line. If the bullish momentum sustains above that level, buying interest may drive the stock towards the next resistance of MYR0.535, or the high of 2 Sep, before propelling further towards the MYR0.59 – 23 May’s high. If it falls below the MYR0.455 support, the stock may undergo a reversal, as it forms a “lower low” bearish pattern, heading towards below the 21-day average line
