Cypark Resources’ stock has been moving sideways after breaking out above the downtrend line from the 52-week high a few days ago.
“Yesterday, prices rose and closed at its 3-month high with a white bullish candle. The strong close on a higher trading volume likely suggests that more upside may follow,” said CGSCIMB in the recent Malaysia Retail Research Report.
The rising Exponential Moving Average (EMA) and the higher lows sequence from the RM0.61 low supports the short-term positive view on the stock.
Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) have hooked up further, which are supportive for the current breakout move.
“We think that aggressive traders may want to go long now or accumulate on a pullback, with a stop-loss set at RM0.78,” said CGSCIMB.
Towards Ta Ann Holdings, the stock surged and formed a long white candle, pulling further away from all the EMAs. Prices also reached their 6-month high backed by a higher trading volume.
The base-building above the RM3.35 level and the 200-day EMA may be completed, and further gains are likely on the way next. Both the MACD and RSI have strengthened further, indicating a pick-up in positive momentum.
Similar to the previous stock, CGSCIMB recommends aggressive traders to go long now or accumulate on a pullback, with a stop-loss set at RM3.34.