Annum
This counter, according to RHB Research’s technical analysis report (Nov 21), is poised for an uptrend reversal as it attempted to move past the immediate resistance of MYR0.32 following a recent rebound above the 21-day average line. If a breakout above that level happens, the stock may push higher towards MYR0.345, followed by MYR0.37 or 13 Sep’s high. Conversely, the stock may trend south if it falls below the MYR0.28 support, forming a “lower low” bearish structure beneath the average line.
Wong Engineering
Wong Engineering is staging a rebound as it recently bounced off the 21-day average line and pushed past the previous resistance of MYR0.385, forming a “higher high” bullish structure. As the stock is supported by partial profit-taking with lower trading volume for the past three sessions – but remaining above the breakout level – the latest “higher low” bullish pattern should indicate that the uptrend reversal pattern is firming up further. Hence, the bulls should push the stock towards the recent high of MYR0.405, followed by MYR0.42 or 6 Oct’s high. The momentum may be reversed if it drops below the strong support of MYR0.37, and trades below the average line.
