Stock Picks of the Day: Ecomate Holdings, Berjaya Food

Ecomate Holdings

RHB Research’s technical analysis report (October 18) has cited Ecomate as this counter is eyeing to reclaim the historical high as it attempted to move past the 21-day average line after bouncing off the support level recently. If it manages to move past the average line and also the MYR0.81 immediate resistance, the bulls are expected to drive the stock to the all-time high of MYR0.865, followed by the MYR0.90 mark. However, the counter may reverse direction if it falls below the MYR0.755 support, forming a “lower low” bearish structure beneath the average line.

Berjaya Food

This counter is set to propel towards the historical high as it climbed above the 21-day average line, surpassing the
MYR0.885 resistance yesterday – forming a “higher high” bullish pattern. If buying interest sustains above that level, the
stock may propel higher towards the MYR0.95 mark – the high of 23 Sep, before reclaiming the historical high of MYR0.98 –
14 Jun’s high. If it falls below the MYR0.83 support, the stock may undergo a reversal, as it forms a “lower low” bearish
pattern beneath the average line.

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