Stock Picks Of The Day – Yong Tai, Salutica

Yong Tai is poised to rebound higher as it bounced off the 21- day SMA line, testing the MYR0.46 immediate resistance yesterday, on the back of stronger trading volume.

RHB Retail Research, in a note today (July 28), said if a breakout happens above that level, the bulls may drive the stock towards the MYR0.50 mark, followed by the MYR0.545 YTD high.

However, falling below the MYR0.40 support would indicate a trend reversal towards the downside.

Salutica is poised for an uptrend, as it bounced off the immediate support, tested the MYR0.71 immediate resistance yesterday, coupled with strong volume.

If a breakout happens, the stock may rebound higher towards the MYR0.765 resistance, followed by July’s high of MYR0.805.

Conversely, falling below the MYR0.65 support, forming a “lower low” bearish pattern, would dent sentiment and lead to a downtrend.

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