This counter, as cited by RHB Retail Research’s technical analysis report (Jan 9), is poised to resume its upside movement, eyeing to break past the MYR2.75 immediate resistance. Observe that the stock underwent a consolidation phase after falling below the 21-day SMA line. The latest bullish price action shows that the momentum is picking up pace again. If a breakout happens, the momentum should propel the stock towards MYR2.86, followed by the MYR3.00 mark. On the flip side, if it falls below the MYR2.60 support, the bears would be in control.
Tafi Industries is attempting to stage a bullish breakout, consolidating near the 21-day SMA line. Notice that trading volume has been increasing lately, showing strong buying interest. If the stock breaks past the MYR0.70 immediate resistance, this should attract strong buying pressure. In this case, the stock would climb towards MYR0.755, followed by MYR0.83. If it corrects below the support level of MYR0.62, this will negate the expectation.