Stock Picks Of The Day – Tanco, Aimflex

Tanco is set to extend its upside movement after breaking past the resistance level on high volume.

RHB Retail Research, in a note today (May 2), said they observed that the stock charted a Bullish Marubozu pattern and crossed above the MYR0.50 resistance level to form a fresh “higher high” bullish pattern.

This indicates that the stock has completed the consolidation phase, and momentum is picking up again.

If the momentum continues, the stock will climb towards the next resistance level pegged at MYR0.56, followed by MYR0.62.

However, a fall below the MYR0.47 support level will negate the bullish setup.

AIMFLEX is attempting to stage a bullish breakout, after testing the MYR0.19 immediate resistance level on high volume.

RHB observed that the stock has been charting a series of “higher high” patterns, while trading volume is also increasing.

This shows that strong bullish momentum is underway. In the event that a bullish breakout happens,

The research house we expects the momentum to propel the stock towards the MYR0.21 level, followed by MYR0.23.

On the flip side, a breach below the MYR0.17 support level will nullify this expectation.

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