Inari Amertron is attempting to extend its upside movement after breaking past the resistance on strong volume.
RHB Retail Research, in a note today (June 6), observed that the stock has staged a bullish breakout above the MYR2.50 resistance and charted a “higher high” bullish candlestick. If it sustains above the breakout point, it should continue to travel towards MYR2.60, followed by MYR2.75.
Conversely, falling below the MYR2.40 support will negate the bullish structure.
Top Glove is consolidating near the 21-day SMA line, eyeing to resume an upside movement.
Since crossing above the 21-day SMA line, the stock has been charting a series of “higher highs” together with “higher lows”, showing the formation of a bullish setup. If the momentum improves and breaks past the MYR1.17 resistance, expect the follow-through momentum to test the next resistance at MYR1.25, followed by MYR1.35.
Meanwhile, should it breach the MYR1.07 support, this would signal the start of a correction phase.
