Stock Picks for Shares with Momentum: Betamek, Malayan Flour Mills


This counter, as cited by RHB Retail Research (Feb 9), is poised to stage a bullish breakout after attempting to move past the MYR0.54 threshold yesterday on improved volume. If it manages to break above this resistance level, the renewed momentum would drive the stock towards the next resistance level at MYR0.605, followed by MYR0.755, which was 27 Oct 2022’s high. Conversely, the counter may reverse its direction if it falls below the MYR0.495 support level, forming a “lower low” bearish structure.

Malayan Flour Mills

MFM is expected to resume its uptrend rebound after bouncing off the 21-day average line – following the recent pullback – and recently testing the MYR0.84 resistance. If it surpasses this resistance level, a “higher high” bullish structure would be observed. The momentum would propel the stock towards the next resistance level of MYR0.90, followed by the MYR1 threshold. However, the counter may move downwards if it drops below the MYR0.795 support level to form a “lower low” bearish pattern, while trading below the average line.

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