GHL Systems’ downtrend may undergo a reversal, as it bounced back from the immediate support level and is now eyeing to test the immediate resistance of MYR0.85.
RHB Retail Research said today (June 20) if it breaches this point, a short-term rebound should emerge and lift the stock towards MYR0.88 (the high of 4 Apr) and MYR0.94 (the high of 7 Mar).
However, if it drops below the support of MYR0.80, this will invalidate the bullish structure and pull the stock below the 21-day SMA line.
SFP Tech Holdings is showing signs of resuming its upward rebound after a strong bounce back – it closed at MYR2.82, ie the immediate resistance level.
This rebound is evidenced by the formation of a “White Marubozu” bullish candlestick pattern, on improved trading volume.
If it breaches above this point, it may continue to trend north towards the MYR2.95 resistance, followed by the MYR3.10 mark.
However, if the stock drops below the support level of MYR2.63 – forming a “lower low” bearish pattern – this would point to a bearish trend.