Cnergenz may extend its uptrend after breaking past the immediate resistance. Since climbing above the 21-day SMA line, the stock has been charting a series of “higher highs” with “higher lows”, showing that strong momentum is underway.
If the stock stays above the breakout point of MYR0.95, it should travel towards the next resistance of MYR1 and followed by MYR1.10. Conversely, if it falls below the support level of MYR0.88, the bullish setup will be invalidated, RHB Retail Research cited.
Farm Fresh is poised to stage a bullish breakout, as it tested the immediate resistance last week on high volume. Prior to that, the stock had been moving sideways while volume was declining – an indication that selling pressure was subsiding. If the stock breaches the MYR1.64 resistance, expect the momentum to lift it towards MYR1.73, followed by MYR1.80.
Towards the downside, breaching below the MYR1.58 support would nullify the expectation.
