Stock Picks Of The Day – Inari Amertron, UMW Holdings

Inari Amertron is poised to resume its uptrend above the consolidation phase, as it bounced off the immediate support and headed for the immediate resistance of MYR3.15 yesterday.

RHB Retail Research, in a note today (Aug 10), said if a breakout above that level happens, the stock may climb towards MYR3.50, followed by MYR3.90.

However, falling below the MYR3 support would indicate a reversal in trend (towards the south), as it forms a “lower low” bearish pattern, below the 21-day SMA line.

UMW Holdings likely to resume its uptrend continuation pattern, as it climbed above the immediate resistance of MYR4.17 yesterday, forming a “higher high” bullish pattern.

The bullish bias above that level may see the stock trending higher towards MYR4.50, followed by the MYR5 threshold.

A breach below the MYR4 support – resulting in the formation of a fresh “lower low” bearish pattern – would dent sentiment and spark a reversal in trend.

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