Stock Picks Of The Day – Puncak Niaga Holdings, Berjaya Food

Puncak Niaga Holdings is set to resume its uptrend rebound, as it recently bounced off the 21-day SMA line and surpassed the MYR0.38 resistance level on strong trading volume.

RHB Retail Research, in a note today (Sept 29), said based on the buying pressure building up above the breakout level on Wednesday, the bulls may drive the stock up towards the recent high of MYR0.43 before reclaiming the 25-month high of MYR0.495.

Towards the downside, a breach below the MYR0.34 support level will negate the bullish setup, as it would be below the 21-day SMA line.

Berjaya Food is poised to resume its strong uptrend reversal after bouncing-off the immediate support following the recent pullback.

If it rebounds strongly and breaches above the MYR0.77 recent high, the bullish momentum may propel the stock towards the MYR0.83 resistance (18 May’s high), followed by the next resistance level at MYR0.92 (5 May’s high).

Conversely, a fall below the MYR0.72 support level would signal a reversal of the positive trend.

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