Hume Cement Industries is extending its bullish movement after breaking past the resistance on strong volume.
RHB Retail Research, in a note today (June 19), said the stock charted a fresh “higher high” bullish pattern and is trading at a multi-month high.
The trading volume, which increased in tandem with its share price, indicates strong bullish momentum is in play.
After breaking past MYR1.44, the stock should travel towards MYR1.53, followed by MYR1.60.
Conversely, falling below the MYR1.35 support will negate the bullish setup.
EG Industries is attempting to resume its upside movement, eyeing to cross above the 21-day SMA line.
RHB observed that the stock has been undergoing a correction since falling below the 21-day SMA line. If it breaks above the MYR1.20 resistance, a bullish bias should emerge.
In this case, the stock will climb towards the next resistance pegged at MYR1.30, followed by MYR1.40.
On the flipside, breaching below the MYR1.06 support would indicate a resumption of the bearish phase.
