RHB Retail Research cited today (March 16) that Samaiden Group is set to propel towards the MYR1 threshold as it breached the MYR0.89 previous resistance amid opening with a positive gap yesterday and forming a fresh “higher high”bullish pattern.
The bullish bias above the breakout level is set to drive the stock further towards the MYR1 mark, followed by the MYR1.08 historical high, ie 19 Jan 2021’s high.
However, if the stock falls below the support of MYR0.835, our expectations would be negated.
Similarly, the research house said Unitrade Industries is likely to resume an uptrend above the 21-day average line as it rebounded above it recently while sustaining above the MYR0.355 immediate support.
A bullish bias above that level may see the stock move higher towards the MYR0.325 all-time-high, before printing at a new high of MYR0.40.
However, if the stock drops below the support level of MYR0.285, this may trigger a reversal in momentum, forming a bearish pattern of a “lower low” below the average line.
