Stock Picks of the Day: Eonmetall Group, CYL Corporation

Eonmetall Group

Eonmetall, according to RHB Research’s technical analysis report (October 19), may be set to push north, as it bounced off the recent breakout level of MYR0.695 on strong trading volume – firming up its bullish bias above the breakout point. The bullish momentum is expected to persist and take the stock towards the resistance point of MYR0.79 (the high of 7 May), followed by MYR0.84 (the highest level since Nov 2020). However, the counter may reverse direction if it falls below the MYR0.63 support, forming a “lower low” bearish structure beneath the average line.

CYL Corporation

CYL is set to recoup the YTD high as it bounced off the 21-day average line, reclaiming the recent breakout level of MYR0.695 yesterday. This firmed up the “higher low” bullish pattern above the average line. If buying interest remains put
above that breakout level, the stock may inch higher towards MYR0.74 – the high of 13 Oct – before reclaiming the YTD high
of MYR0.795 (recorded on 22 Sep). If it falls below the MYR0.63 support, the stock may undergo a downward reversal,
as it forms a “lower low” bearish pattern beneath the average line.

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