Stock Picks of the Day: Dagang Nexchange, Hibiscus Petroleum

Dagang Nexchange

DNeX , as stated in RHB Research’s technical analysis report (Nov 7), is poised for an uptrend reversal as it attempted to move past MYR0.78 last Friday, firming up its position above the 21-day average line with strong trading volume. If a breakout occurs above that level, the buying interest would accelerate to propel the stock towards the MYR0.81 resistance – the highest level since 5 Oct – followed by the next resistance at the MYR0.85, or 13 Sep’s high. Conversely, the bullish momentum may reverse if it falls below the MYR0.75 support, forming a “lower low” bearish structure below the average line.

Hibiscus Petroleum

This counter is set to propel towards its 3-month high as it rebounded from the recent pullback to reclaim above the MYR1.00 threshold last Friday – forming a “higher high” bullish pattern. Coupled with improved trading volume, the stock will likely see buying interest persisting towards the MYR1.08 resistance, or the highest level since 30 Aug, followed by the next resistance at the MYR1.15, or 17 Jun’s high. Conversely, the bullish momentum may reverse if it falls below the MYR0.95 support, forming a “lower low” bearish structure, below the 21-day average line.

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