Harn Len Corporation
Harn Len, according to RHB Research technical analysis report (October 20), is poised to print a new high, as it bounced off the 21-day average line and was headed towards crossing the MYR1.92 immediate resistance on strong volume yesterday – firming up its “higher low” bullish pattern amidst the latest “long white candlestick”. If a breakout happens above that level, the bulls are expected to propel the stock higher towards a new high of MYR2.00, followed by MYR2.10. However, the counter may reverse direction if it falls below the MYR1.80 support, negating the strong bullish momentum of yesterday.
This counter is poised to undergo an uptrend reversal as it climbed above the 21-day average line yesterday, while
attempting to hit the MYR0.575 immediate resistance on surging volume. If it breaches that point, the stock may inch
higher towards the MYR0.615 resistance – the high of 22 Sep, before reclaiming the next resistance of MYR0.67, ie 13 Sep’s
high. If it falls below the MYR0.52 support, the stock may undergo a downward movement, as it forms a “lower low”
bearish pattern beneath the average line.