SKP Resources
SKP Resources is set to climb higher as it broke above the MYR1.71 previous resistance level yesterday on stronger trading volume – forming a “higher high” bullish pattern with a “White Marubozu” bullish candlestick, according to RHB Retail Research’s technical analysis report (Dec 23). The renewed bullish momentum above this level should drive the stock towards MYR1.82, which was 22 Sep’s high, followed by the next resistance level of MYR1.95. Conversely, the stock may reverse its direction if it falls below the MYR1.65 support level, forming a “lower low” bearish structure below the 21-day average line.
Notion Vtec
This counter is set to reclaim its recent high, as it bounced off the previous breakout level of MYR0.345 (currently the immediate support) on improved trading volume. As the “higher high” and “higher low” bullish patterns firm up, the bulls are likely to drive the stock up towards the recent high of MYR0.385, and then the MYR0.40 mark. The momentum may reverse if it drops below MYR0.325, forming a “lower low” bearish pattern below the 21-day average line.
