Stock Picks of the Day: MI Technovation, Poh Kong Holdings

MI Technovation

This counter is on track to propel towards its 5-month high after a strong bullish momentum emerged yesterday as it breached the MYR1.34 immediate resistance level – printing a “White Marubozu” bullish candlestick. As it forms a fresh “higher high” bullish pattern, the bulls are expect to persist above that level to propel the stock towards the MYR1.48 resistance, or 11 Aug’s high, before reclaiming its 5-month high of MYR1.62 – 29 Jul’s high. Conversely, the stock may reverse direction if it falls below the MYR1.23 support, forming a “lower low” bearish structure beneath the average line.

Poh Kong Holdings

Poh Kong is set to jump strongly above the previous consolidation phase after it bounced off the 21-day average line
recent while breaching above the MYR0.75 previous resistance level – firming up its “higher low” bullish pattern above the average line. As it has now breached the breakout level, the stock is likely to propel further towards the MYR0.80 immediate resistance, followed by the MYR0.83 next resistance, which was 10 Jun’s high. The momentum may reverse if it drops below MYR0.725 – forming a “lower low” bearish pattern, below the average line.

Previous articleConsumer Inflation In Japan’s Capital Rises At Fastest Pace In 40 Years
Next articleIIF Forecasts Global Growth To Be As Weak Next Year As In 2009


Please enter your comment!
Please enter your name here