MTAG
This counter is poised to scale higher after it underwent a bullish breakout, and pushed past the resistance point of MYR0.48, according to RHB Research’s technical analysis report (October 27). It went through a correction when it was trending below the 21-day SMA line. Crossing above the moving average line would indicate that a bullish bias has emerged. The bullish momentum should propel it towards MYR0.51, followed by MYR0.54. On the flip side, falling below the MYR0.45 support will negate the positive expectation and spark the start of a correction phase.
Thong Guan Industries
Thong Guan’s bullish momentum picked up pace after it broke past the MYR2.67 resistance. Since climbing above the 21-day SMA line, the stock has been charting a series of “higher highs” with “higher lows”, showing that the bulls are in control now. Amidst bullish momentum, the stock should climb towards MYR2.76, followed by MYR2.85. Conversely, falling below the MYR2.55 support would mean that the bears are taking control.
