RHB Retail Research cited today (March 8) that Wellspire Holdings may see a breakout, as it attempted to extend the uptrend beyond the sideways consolidation phase.
The stock has been moving sideways lately, while trading volume has been high.
If it breaches the immediate resistance of MYR0.39, positive momentum may follow through and push the counter towards MYR0.43, followed by the all-time high of MYR0.59.
On the flip side, dropping below the MYR0.355 support would nullify our expectation.
Cnergenz may rebound higher as it broke the immediate resistance of MYR0.915 on strong volume yesterday.
If a breakout above that level sustains, the current “higher high” bullish pattern would drive the stock towards the next resistance of MYR0.98, followed by MYR1.02, or the high of 3 Feb.
Towards the downside, falling beneath the MYR0.86 support would lead to a reversal of momentum, moving below the 21- day SMA line.
