Ahmad Zaki Resources is set to resume its uptrend after rebounding from the 21-day SMA line, surpassing the MYR0.255 resistance yesterday on surging trading volume.
RHB Retail Research, in a note today (Sept 7), said this, coupled with the “higher high” bullish pattern, should push the stock towards the resistance points of MYR0.29, then MYR0.33.
However, falling below the MYR0.22 support would indicate a downtrend, with the formation of a “lower low” bearish pattern while the stock trades below the SMA line.
UEM Sunrise is poised to resume its uptrend as it bounced off from Tuesday’s pullback yesterday, while heading for the resistance level of MYR0.75.
If the bullish momentum persists, it may drive the stock towards a fresh 52-week high of MYR0.80, followed by the MYR0.90 mark.
A fall below the MYR0.65 support – forming a “lower low” bearish pattern below the 21-day SMA line – would dent sentiment and spark a downtrend.
