HPP Holdings is set for an uptrend continuation after staging a bullish breakout above the MYR0.425 resistance yesterday on strong volumes – printing a “Bullish Marubozu” candlestick along the way.
RHB Retail Research said today (Sept 19) that supported by the rising 21-day SMA line, this positive momentum should propel the stock towards the next resistance pegged at MYR0.46, followed by the MYR0.50 mark.
Towards the downside, breaching below the MYR0.38 support will negate the bullish setup.
Gadang Holdings is the midst of resuming its uptrend rebound after testing the MYR0.345 immediate resistance last Friday and retreating mildly yesterday.
If the bullish momentum increases speed and breaches that level, and coupled with trading above the rising 21-day SMA line, this will strengthen the bullish setup.
The next resistance is MYR0.365 – 5 Aug’s high – which is followed by MYR0.40 as the subsequent resistance.
Conversely, falling below the MYR0.325 support will signal a bearish reversal of this trend.