Mah Sing is eyeing to stage a bullish breakout, testing the immediate resistance.
RHB Retail Research Market Dateline said today (Nov 6) that the stock has been undergoing correction phase since falling below the 21-day SMA line. In the event it breaks past the MYR0.84 resistance, the stock would return to an upward trajectory.
When this happens, it would climb towards MYR0.88, followed by MYR0.92.
On the downside, breaching below the MYR0.80 support will resume the bearish phase.
Globetronics Technology is resuming its upside movement after breaking past the resistance with a high volume.
RHB observed the stock has climbed above the 21-day SMA line and surged past the MYR1.50 resistance – confirming a bullish setup.
The renewed momentum should propel the stock towards the next resistance pegged at MYR1.60, followed by MYR1.70.
On the downside, falling below the MYR1.42 support will negate the bullish setup.