JHM Consolidation is poised to rebound higher, as it bounced off the 21-day SMA line, eyeing the immediate resistance of MYR0.845 yesterday.
RHB Retail Research, in a note today (March 28) cited that if a breakout happens above that level, the bullish bias may propel the stock towards the MYR0.90 mark, followed by the MYR0.965 next resistance, which is the YTD high.
However, if the stock falls below the support of MYR0.77, forming a “lower low” bearish pattern, it would negate our expectations.
Yinson Holdings is seen also to eye, for an uptrend reversal, RHB said, after rebounding strongly from the recent low as demonstrated by the strong buying interest yesterday – climbing towards the MYR2.47 immediate resistance.
If it manages to surpass above that level, the stock may resume its positive momentum towards the MYR2.60 next resistance, followed by the MYR2.70 mark.
However, if the stock drops below the MYR2.27 support, the momentum may reverse and form a “lower low” bearish pattern.
