Stock Picks of the Day: Optimax Holdings, Sarawak Oil Palms

Optimax Holdings

“Optimax is set to propel towards its historical high after it surpassed the MYR0.79 immediate resistance yesterday, supported by strong trading volume above the 21-day average line,” according to RHB Research’s technical analysis report (Nov 3). As the yesterday’s closing draws a “higher high” bullish structure, the stock is likely to jump higher towards the MYR0.845 historical high, before possibly printing a new high at MYR0.90. Conversely, the bullish momentum may reverse if it falls under the MYR0.73 support, forming a “lower low” bearish structure below the average line.

Sarawak Oil Palms

This counter is set to resume its recent uptrend reversal above the 21-day SMA line, as it crossed above the MYR2.62 immediate resistance yesterday – printing a “White Marubozu” bullish candlestick. If it manages to sustain above that level, the stock may propel higher towards the MYR2.80 nearest resistance, or 1 Aug high, followed by the MYR3.00 threshold. If it falls below the MYR2.45 support, the bullish momentum would reverse, as it forms a “lower low” bearish pattern beneath the average line

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