Mah Sing Group
RHB Retail Research has cited Mah Sing Group in its technical analysis report (Jan 17), is in the process of consolidating sideways near the 21-day average line – hovering between the MYR0.56 support and MYR0.59 resistance. If it manages to bounce off the MYR0.59 consolidation threshold, a follow-through bullish momentum should propel the stock towards the MYR0.615 resistance or 7 Dec 2022’s high – this is followed by the MYR0.65 mark. Conversely, the counter may reverse its direction if it falls below the MYR0.56 support, forming a “lower low” bearish structure below the average line.
Petron Malaysia Refining & Marketing
This counter is set to chart a major uptrend rebound since persisting with its positive momentum yesterday amid the recent MYR4.45 breakout. Riding on the uptrend reversal above the 21-day average line, the stock may surge towards the MYR4.70 mark, followed by the MYR4.95 threshold, ie 2 Nov 2022’s high. However, the counter may move downwards if it drops below the MYR4.39 support, as it heads to trade below the short-term average line besides negating the recent breakout level.
