Duopharma Biotech
Duopharma, as cited in RHB Research’s technical analysis report (Nov 16), is eyeing a breakout above its consolidation level of MYR1.43, after it bounced off the 21-day average line yesterday on improved trading volume. If the breakout happens, this would lead to a “higher high” bullish formation accelerating its movement towards the next resistance of MYR1.52 (also the high of 1 Aug), then MYR1.60. Conversely, the stock may trend south if it falls below the MYR1.31 support, forming a “lower low” bearish structure beneath the average line.
Eco World Development Group
This counter is set to resume its uptrend reversal above the 21-day average line amid the breakout above MYR0.62 resistance, which occured yesterday – forming a “higher high” bullish pattern. It tested the resistance level twice in the past four weeks, during the recent consolidation process. As such, renewed buying interest above that level should persist towards the MYR0.68 resistance or 14 Sep’s high, followed by MYR0.705. The bullish momentum may be reversed if it drops below the strong support of MYR0.59, forming a “lower low” bearish structure below the average line.
