Sealink International is poised for an uptrend reversal as itconsolidated below MYR0.23 following the recent pullback.
RHB Retail Reearch in a note today (Jan 16) said if it manages to climb above that level, forming a “higher high” bullish pattern, the stock should scale towards the next resistance level at the recent high of MYR0.26, followed by the MYR0.30 mark.
Towards the downside, a fall below the MYR0.195 support would nullify the bullish structure.
Econpile Holdings is extending its bullish trajectory after climbing above the MYR0.35 resistance as the bullish momentum accelerated, forming a “higher high” bullish pattern.
Coupled with surging trading volume, the stock is likely to move towards the MYR0.395 resistance, or 52-week high, followed by the next resistance at MYR0.435.
If it falls below the support level at MYR0.315, the bullish setup would be negated.
SP Setia rebounded above the 21-day SMA line while reclaiming above the MYR0.90 immediate resistance with strong trading volume.
The bullish momentum above that level is likely to propel the stock towards the recent high atMYR0.975, followed by the next resistance at MYR1.06, or the 52-week high.
On the other hand, a fall below the MYR0.835 support would lead to a correction.
Malaysian Resources Corporation is set to climb higher as it broke past the immediate resistance of MYR0.51 on stronger
trading volume.
If the breakout sustains, the bullish momentum may propel the stock towards the next resistance levels at MYR0.57, followed by MYR0.60.
Conversely, a fall below the MYR0.465 support would lead the stock to a bearish phase.
