Yinson Holdings
This counter, as cited by RHB Research’s technical analysis report (Nov 22), is set to rebound towards its 10-week high as it bounced off its 21-day average line while reclaiming above the MYR2.22 previous breakout – this follows the recent pullback. Since it has formed a “higher low” bullish pattern above the average line, the bullish momentum above the breakout level may continue to dominate – propelling the stock towards the 10- week high of MYR2.37, which was 15 Sep’s high. This is followed by MYR2.52, ie the highest level since 13 Jan. Conversely, the momentum may lose steam if the counter falls below the MYR2.18 support, forming a “lower low” bearish structure beneath the average line.
Lion Industries Corp
Lion Industries is poised to resume its recent uptrend as it rebounded strongly yesterday from Friday’s pullback. It tested the MYR0.37 immediate resistance while forming a “higher low” bullish structure. If it manages to surpass the immediate resistance, the bullish momentum will move the stock higher towards the MYR0.39 next resistance before reclaiming its 4- month high at MYR0.42, ie 2 Aug’s high. The momentum may be reversed if it drops below the strong support of MYR0.33 –trading below the previous major breakout level.
