Jaks Resources is poised for uptrend as it bounced off the 21- day SMA line, testing the MYR0.21 immediate resistance, coupled with significant trading volume.
RHB Research, in a note today (Aug 23), said If a breakout happens above that level, the stock may rebound higher towards the MYR0.24 mark, followed by the next resistance at MYR0.26.
However, falling below the MYR0.185 support would indicate a downtrend, as it would form a “lower low” bearish pattern ie trading below the 21-day SMA line.
Agmo Holdings is also eyeing for a technical breakout, bouncing off the 21-day SMA line and heading towards the MYR0.62 resistance, its consolidation phase.
If a breakout above that level occurs, the bullish momentum may drive the stock towards the MR0.68 resistance, followed by the next resistance at MYR0.745.
A correction below the MYR0.58 support – forming a fresh “lower low” bearish pattern – would dent sentiment and spark a downtrend.
