Bursa Malaysia is set to trend higher amid a breakout above the MYR7.40 resistance on a surge in trading volume yesterday – charting “higher highs” above the breakout point.
RHB Retail Research in a note today (Jan 30) said riding on the momentum, it should climb towards the MYR7.65 resistance, followed by the MYR8 mark.
Towards the downside, falling below the MYR7.20 support would invalidate the bullish setup.
Muhibbah Engineering is eyeing a technical breakout above the MYR0.85 resistance as it climbed above the 21-day SMA line, testing that level yesterday.
If a breakout happens, the stock should scale towards the resistance point of MYR0.95, then the MYR1 mark.
If it falls below the support of MYR0.80, this would
spark the beginning of a correction.
MK Land Holdings has climbed above the 21-day SMA line, capped by the immediate resistance of MYR0.25 yesterday.
If a breakout happens above that level, the bulls may drive the stock higher towards the recent high of MYR0.29, followed by the next resistance level of MYR0.33.
On the flip side, breaching below the MYR0.21 support would negate the bullish setup.
ITMAX System is attempting to stage a bullish breakout, while grazing the immediate resistance of MYR1.90 on high volume.
If it climbs above the immediate resistance, a bullish bias should emerge.
In this case, the momentum would propel the counter
towards the MYR2 threshold, followed by MYR2.20.
Conversely, falling below the MYR1.72 support would trigger a downward movement.
