Ancom Logistics is eyeing for a breakout as it bounced off the 21-day SMA line, hitting the MYR0.185 immediate resistance on stronger trading volume.
RHB Retail Research said today that if a breakout happens, the stock may propel towards MYR0.20, ie the high of 22 Mar, followed by MYR0.25, or 3 Feb’s high.
However, if the stock falls below the support of MYR0.165, forming a “lower low” bearish pattern, it would negate our expectations.
Malakoff Corporation is also seen eyeing for a technical breakout yesterday, as it rose strongly to test the YTD high of MYR0.74, on the back of surging trading volume.
If the breakout happens, the momentum will propel the stock towards the MYR0.79 resistance, followed by the MYR0.85 next resistance.
However, if the stock drops below the MYR0.70 support, the momentum may reverse and form a “lower low” bearish pattern, below the 21-day moving average line.
