Frontken is poised to extend its upside movement after jumping above the key resistance level.
RHB Retail Research in a note today (Jan 15) said the counter broke past the 5-month resistance of MYR3.50 to form a “higher high” bullish candlestick.
The breakout shows that momentum has become stronger.
Riding on this momentum, the stock should scale towards the next resistance levels at MYR3.65, followed by MYR3.90.
On the downside, a fall below the MYR3.30 support level would nullify the bullish structure.
Mega First is extending its bullish trajectory after climbing above its strong resistance level.
The counter rose above the MYR3.70 resistance level as bullish momentum gained speed.
A follow through or “higher high” price action would see the stock move towards the MYR4 mark, followed by MYR4.25.
If it falls below the support level at MYR3.53, the bullish setup would be negated.
Velesto is testing the immediate resistance level as it eyes a bullish breakout.
We observed that the 21-day SMA line is trending upwards, showing that the short-term trend is bullish.
If the counter manages to break past the MYR0.265 resistance level, market sentiment will improve.
In this scenario, the momentum should propel the counter towards MYR0.28, followed by MYR0.30.
On the other hand, a fall below the MYR0.24 support level would lead to a correction.
Unique Fire is consolidating sideways as it looks to break past the immediate resistance.
We noticed that the stock has been moving sideways below the MYR0.355 resistance level for consolidation.
If a breakout takes place, a bullish bias will emerge.
In this scenario, the stock may climb towards the next resistance levels at MYR0.375, followed by MYR0.39.
Conversely, a fall below the MYR0.32 support level would lead the stock into a bearish phase.
