Malaysia Marine And Heavy Engineering is set for an uptrend rebound as it surpassed the consolidation phase.
RHB Retail Research, in a note today (July 25), said it broke above the MYR0.56 immediate resistance yesterday on strong trading volume.
The stock is expected to climb towards the MYR0.60 mark, followed by MYR0.65.
Towards the downside, falling below the MYR0.525 support would indicate a reversal in trend and turn it southwards.
Uzma is poised for a technical breakout, after undergoing a strong rebound from the 21-day SMA line recently.
It tested the immediate resistance of MYR0.70 yesterday, on surging trading volume.
If a breakout happens, the bullish bias above that level may lift the stock towards the MYR0.75 resistance, followed by MYR0.80.
Conversely, falling below the MYR0.645 support and forming a “lower low” bearish pattern below the SMA line, would dent sentiment and result in a downtrend.
