“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