Eastern & Oriental is set for an uptrend reversal after undergoing a breakout above the MYR0.59 level yesterday on improving trading volume above the 21-day SMA line.
RHB Market Research in a note today (Dec 20) said if the breakout is sustained, the stock will likely advance towards the MYR0.62 recent high, followed by the next resistance at MYR0.67.
Conversely, a drop below the MYR0.565 support would invalidate the bullish setup.
Farm Fresh is poised to resume its uptrend above the 21-day SMA line as it bounced off and tested the MYR1.37 immediate resistance on stronger trading volume.
If a breakout above that resistance happens, the bullish momentum is expected to propel the stock towards the recent high of MYR1.42, followed by the MYR1.50 mark.
Conversely, falling below the MYR1.30 support would point to a potential downtrend.
