Stock Picks Of The Day – Sime Darby, Theta Edge

Sime Darby is in the midst of extending its upside movement, after breaking past the key resistance on strong volume.

RHB Retail Research in a note today (March 1) said the stock has climbed above the MYR2.68 resistance to chart a fresh “higher high” bullish candlestick.

Riding on the momentum, the stock should travel towards the next resistance at MYR2.90, followed by MYR3.10.

On the other hand, falling below the MYR2.35 support will negate the bullish setup.

Theta Edge is eyeing to stage a bullish breakout as it tested the immediate resistance on high volume.

The stock has been consolidating sideways over the past three sessions.

In the event it breaks past the MYR0.94 resistance, the bullish bias will emerge.

In this case, the stock will extend its upside movement towards MYR1.05, followed by MYR1.15.

Conversely, falling below the MYR0.825 support will kick off the correction phase.

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