Carimin Petroleum is set to trend upwards further as it climbed above the MYR0.88 immediate resistance, on improved volume.
RHB Retail Research, in a note today (Aug 8), said the bullish bias above that level may see the stock rebound higher towards MYR0.955, followed by the MYR1 threshold.
However, falling below the MYR0.825 support would indicate a reversal in trend (towards the south), as it forms a “lower low” bearish pattern, below the 21-day SMA line.
Naim Holdings attempted an uptrend rebound, having shown a strong recovery after a significant retracement, and hit the MYR0.72 immediate resistance yesterday.
If it breaches this point definitively, the positive momentum may propel the stock towards MYR0.77, followed by MYR0.81, ie above the 21-day SMA line.
A decline below the MYR0.635 support, forming a fresh “lower low” bearish pattern, would dent sentiment and spark a resumption of its downtrend.
