Uzma
Uzma, as cited in RHB Retail Research (Nov 24), is poised to resume its recent uptrend reversal as it bounced off the 21-day average line on Monday to then attempt to surpass the MYR0.41 immediate resistance yesterday – this is coupled with improved trading volumes over the last two sessions. Riding on the current “higher low” bullish posture, the stock is likely to see a breakout happening in the coming sessions. If that happens, the counter may then propel further towards MYR0.435 – the highest level since 15 Sep – and followed by MYR0.455 or 9 Jun’s high. Conversely, it may reverse direction if it falls below the MYR0.385 support, forming a “lower low” bearish structure beneath the average line.
Kelington Group
This counter is set to rebound higher as it strongly bounced off the 21-day average line and reclaimed above the previous breakout level, ie the MYR1.34 immediate resistance. Note: The stock printed a “gap up” on 11 Nov amid the breakout, which later saw it close the gap amid the pullback. As it has now reclaimed back above the breakout mark, we will likely see the counter being propelled further towards the MYR1.43 immediate resistance, followed by the MYR1.48 next resistance, which was 15 Sep’s high. The momentum may be reversed if it drops below MYR1.30 – forming a “lower low” bearish pattern beneath the average line.
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