Mr DIY Group is set to rebound strongly after bouncing off the 21-day SMA line and breaching above the MYR1.57 immediate resistance on improved trading volume.
RHB Retail Research, said today (Oct 12), if the breakout sustains, the momentum may drive the stock towards the next resistance at MYR1.70 before it reclaims the next resistance point at MYR1.86.
Towards the downside, a breach below the MYR1.48 support will negate the bullish setup, forming a “lower low” bearish pattern below the SMA line.
Syarikat Takaful Malaysia Keluarga is set to rebound higher following a recent price pullback as it rebounded from a recent low and breached above the MYR3.58 resistance – this was coupled with strong trading volume.
Supported by the “higher high” bullish pattern, the bullish momentum may drive the stock towards the recent MYR3.86 high, followed by the next resistance at MYR4.
Conversely, a fall below the MYR3.50 support signals a reversal of the positive trend, as the counter’s price will trade below the 21-day SMA line and form a “lower low” bearish pattern.
