Stock Picks Of The Day – Frontken Corporation, OpenSys

Frontken Corporation is poised for a technical breakout after bouncing off the 21-day SMA line and testing the MYR3.80 level yesterday on strong volume.

RHB Retail Research in a note today (Mac 6) said if a breakout occurs above this level, the counter should trend upwards towards MYR4, followed by the next resistance level at MYR4.20.

On the other hand, a fall below the MYR3.60 immediate support would nullify the bullish setup.

OpenSys is eyeing to extend the upside movement after testing the MYR0.38 immediate resistance yesterday on strong volume – it is the stock’s fifth time hitting the resistance level since Aug.

If a breakout occurs above this level, bullish momentum may accelerate to drive the stock upwards towards the MYR0.40 resistance level, followed by the next one at MYR0.415.

However, a fall below the MYR0.355 support would negate the bullish structure.

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