Investment Ideas: Stock Picks – QL Resources, Astro Malaysia

RHB Retail Research cited that QL Resources is undergoing a consolidation, as it pulled back to test the resistance-turned-support threshold.

The stock is eyeing to form a bullish reversal pattern near the support of the MYR5.70 level.

If the stock manages to stage a rebound, it may climb towards the MYR6 mark, followed by the higher resistance of MYR6.25.

Conversely, falling below the MYR5.50 support would negate the bullish setup and set off a deeper correction.

The research house also eyed Astro Malaysia, seeing the shares pulling back and bounced off the breakout point last Friday.

The stock is attempting to extend the rebound from the resistance-turned-support of MYR0.65.

If the momentum picks up again, it may travel upwards to test MYR0.73, followed by the MYR0.79 level.

On the flip side, breaching below the MYR0.60 support would kick off the bearish phase.

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