Cowell E Holdings is set for an uptrend reversal, as it underwent a technical breakout above HKD15.90 recently, forming a “higher high” bullish pattern.
RHB Retail Research said today (Sept 27) that riding on the bullish momentum, the counter should rebound further to test the next resistance of HKD18, followed by HKD19.
Towards the downside, breaching below the HKD14 support would neutralise the bullish setup.
Newborn Town is set to extend its counter-trend rebound, as it breached the immediate resistance of HKD1.97 on surging trading volume.
This, on top of the fresh “higher high” bullish pattern, may lead the stock to trend upwards, testing the HKD2.30 mark, followed by the next resistance point of HKD2.60.
Conversely, falling below the HKD1.75 support will nullify the positive expectation and spark a resumption of a correction phase.
