NationGate Holdings’ stock rose and broke out of the wedge pattern from the 52-week high yesterday with a white bullish candle.
CGSCIMB in the recent Malaysia Retail Research Report said prices stood above the 20-day Exponential Moving Average (EMA) on the back of higher trading volume. A new short-term uptrend is likely to emerge following the said breakout, underpinned by the rising EMAs.
The Moving Average Convergence Divergence (MACD) showed easing pressure while the Relative Strength Index (RSI) has hooked up further, suggesting that positive momentum is picking up.
“We think that aggressive traders may want to go long now or accumulate on a pullback, with a stop-loss set at RM1.49,” said CGSCIMB.
Towards Perak Transit, the stock climbed further and closed at its 6-month high yesterday with its second white candle. Stronger trading volume also sent prices breaking out above the 2.5-month long consolidation on Wednesday.
“With prices bouncing off all the EMAs, more upside is likely to follow in the near term. Both the MACD and RSI have strengthened further, keeping the bullish momentum intact,” said CGSCIMB.
CGSCIMB believes that aggressive traders may want to go long now or accumulate on a pullback, with a stop-loss set at RM1.05.
