QES Group is eyeing for an uptrend reversal pattern as it bounced off the support to hit the MYR0.615 immediate resistance yesterday.
RHB Retail Research today said if it manages to break above that level, which will also see it reclaiming above the 21-day average line, the bullish bias should lift the stock towards the MYR0.65 resistance, followed by the MYR0.72 next resistance, ie 8 Feb’s opening.
However, if the stock falls below the support of MYR0.585, our expectations would be negated.
Muhibbah Engineering is also in the midst for an upward rebound as it bounced off the immediate support recently, attempting to surpass the MYR0.68 immediate resistance yesterday, reclaiming above the 21-day average line.
If it manages to move past the immediate resistance, the rebound may persist towards the MYR0.745 resistance, followed by the MYR0.78 next resistance. If it drops below the MYR0.63 support, this may reverse the momentum as it will negate the bullish reversal pattern, forming a “lower low”.
