Cengild Medical is set to undergo a technical rebound as it bounced off the 21-day average line and breached the MYR0.465 resistance level last Friday on higher trading volume, thereby forming a “higher low” bullish pattern.
RHB Retail research cited the bullish bias above that level may lift the stock higher towards the MYR0.50 threshold, then MYR0.55 or 15 Sep’s high.
Conversely, the stock may reverse direction towards the average line if it falls below the MYR0.445 support, forming a “lower low” bearish structure beneath the average line.
Agmo Holdings is set to turn around and move upwards, as it rebounded above the MYR0.755 last Friday on improved trading volume, forming a “higher low” bullish pattern above the 21-day SMA line. If buying pressure persists above that level, the stock may climb northwards towards the MYR0.80 mark, followed by MYR0.86 or 5 Oct’s high.
The momentum may be reversed if it drops below MYR0.695.
