Leong Hup International is testing the immediate resistance of MYR0.56, and is poised to stage a bullish breakout.
RHB Retail Research said, in a not today (May 15), the stock has climbed above the 21-day SMA line and printed a a “higher low” bullish pattern. If the breakout happens, expect strong momentum to emerge.
In this scenario, the upside movement should extend to MYR0.60, followed by MYR0.63.
On the other hand, breaching below the MYR0.53 support will nullify the expectation.
Power Root is seen eyeing to scale higher after it broke past the resistance on strong volume.
Observe that the stock has charted a bullish candlestick on 10 May while volume has increased, signalling strong momentum is underway.
If it sustains above the breakout point of MYR2.20, the stock should climb towards the next resistance at MYR2.30, followed by MYR2.40.
Towards the downside, falling below the MYR2.13 support will negate the bullish structure.
