Agmo Holdings’ stock has been building a base above the 200-day Exponential Moving Average (EMA) following its breakout of the downtrend line from the RM1.03 high in end-June.
“Yesterday, the stock rose and formed its third consecutive white candle, breaking out of its triangle consolidation pattern from the RM0.635 high. With prices bouncing off all the EMAs, coupled with the rising trading volume, more upside may kick in next in the near term,” said CGSCIMB in the recent Malaysia Retail Research Report.
The Moving Average Convergence Divergence (MACD) just confirmed its golden cross while the Relative Strength Index (RSI) continued to inch higher, keeping the positive momentum in place.
“We think that aggressive traders may want to go long now or accumulate on a pullback, with a stop-loss set at RM0.585,” said CGSCIMB.
Towards Powerwell Holdings, the stock extended its rally and reached to its 52-week high yesterday with a white bullish candle. The bullish momentum persisted following its gap up that happened a few days ago. Underpinned by the higher trading volume, the higher highs and higher lows sequence from the RM0.17 low may extend further in the days ahead.
Both the MACD and RSI have strengthened further, indicating a pick-up in buying momentum. CGSCIMB suggests for aggressive traders to go long now or accumulate on a pullback, with a stop-loss set at RM0.23.
