Lagenda Properties is on track to test its YTD high as it climbed higher above the previous breakout level of MYR1.24 recently, strengthening its bullish momentum.
RHB Retail Research, said today (Aug 29), the bullish momentum would propel the stock towards the YTD high of MYR1.32, followed by the next resistance at MYR1.40.
However, falling below the MYR1.20 support would indicate a downtrend, as it would trade below the 21-day SMA line.
Cahya Mata Sarawak is also poised for a technical breakout, as it rebounded from the recent pullback, testing the MYR1.15 resistance on strong trading volume.
If a breakout happens, forming a “higher high” bullish pattern, the stock may climb higher towards MYR1.25, followed by MYR1.30.
A breach below the MYR1.10 support – forming a “lower low” bearish pattern below the 21-day SMA line – would dent sentiment and spark a downtrend.
