Eastern & Oriental is on track to print a fresh 52-week high after rebounding from the support of MYR0.41 recently, on high trading volume.
RHB Retail Research, in a note today (Aug 25), said if the bullish momentum resumes, it may chart a fresh 52-week above the MYR0.50 threshold, followed by the next resistance point of MYR0.55.
However, falling below the MYR0.38 support would indicate a downtrend, invalidating the prior breakout and leading the counter to correct below the 21- day SMA line.
LBS Bina Group’s uptrend firmed up after the stock rebounded further and formed a “higher high” bullish pattern, above the previous breakout level of MYR0.505.
The bulls are eyeing the recent high of MYR0.56, followed by the MYR0.60 mark.
A breach below the MYR0.47 support – forming a “lower low” bearish pattern below the 21-day SMA line – would dent sentiment and spark a downtrend.
