Kossan Rubber Industries is poised for a rebound as it attempted to breach above the MYR1.15 level yesterday – bouncing off the 21-day average line, coupled with stronger trading volume.
If it manages to surpass that level, the stock is expected to rebound higher towards the MYR1.25 immediate resistance, or 1 Nov 2022’s high, followed by the next resistance at MYR1.35, or 27 Jul 2022’s high.
RHB Retail Research cited, in a note today (Feb 21), that conversely, the counter may reverse its direction if it falls below the MYR1.05 support, forming a “lower low” bearish structure below the average line.
K-One Technology is set to resume its uptrend as it bounced off the 21-day average line and also its MYR0.15 previous breakout level yesterday – forming a “higher low” bullish pattern above the average line.
The bullish bias above the breakout level is likely to propel the stock higher towards the MYR0.18 recent high, followed by the MYR0.20 mark.
However, the counter may reverse downwards if it drops below the MYR0.13 support, as it forms a “lower low” bearish pattern below the average line.
