Mah Sing
This counter, according to RHB Retail Research’s technical analysis (Feb 7), is poised to extend its uptrend after breaking past the immediate resistance on high trading volume. The stock has been charting a “higher high” with “higher low” on strong volume, which indicates that a bullish formation has emerged. If it remains above the breakout point of MYR0.615, it should climb towards the next resistance of MYR0.65, followed by MYR0.69. On the flip side, falling below the MYR0.58 support would negate the bullish setup.
Cahya Mata Sarawak
Cahya Mata Sarawak is eyeing a bullish breakout, as it tested the immediate resistance on high volume recently. Trading volume has been increasing recently, while the stock is moving sideways for a consolidation. If it breaches the MYR1.27 resistance, the stock should attract strong momentum. In this scenario, the bullish momentum will propel the stock towards MYR1.35, followed by MYR1.43. Conversely, the stock may undergo a downward correction if it breaches below the MYR1.18 support.
