Cloudpoint Technology underwent a bullish breakout, and is likely to extend its upside movement.
RHB Retail Research in a note today (Mar 11) said the counter breached above the MYR0.585 resistance on strong volume – indicating that a strong bullish momentum is underway.
Expect a follow-through momentum to lead it to test the next resistance pegged at MYR0.615, followed by MYR0.64.
On the flip side, falling below the MYR0.565 would spark a bearish phase.
EITA Resources is extending its uptrend after breaking past the key resistance on high volume.
The stock climbed above the MYR0.935 resistance to form a multi-month high.
The trading volume has been increasing in tandem with its share price, showing that a bullish momentum is accelerating.
Riding on the momentum, the stock may travel towards the MYR1 mark, followed by MYR1.08.
On the other hand, breaching below the MYR0.88 support would negate the bullish set-up.
Notion VTec is poised to scale higher after it formed a bullish set-up.
The stock broke past the MYR0.50 resistance to chart a Bullish Marubozu.
Trading volume has been increasing, which indicates that the bullish momentum is gaining pace now.
Since the bullish structure has been confirmed, expect a fresh “higher high” price action to test MYR0.57, followed by MYR0.64.
In the event it falls below the MYR0.465 support, this would invalidate the bullish set-up.
Formosa Prosonic Industries is eyeing a fresh leg towards the upside after undergoing a bullish breakout.
Last Friday, the counter climbed above the MYR3.10 resistance to close at the 1-year high.
The latest price action confirms that the bulls have the technical advantage now.
The bullish momentum should propel the counter towards MYR3.25, followed by MYR3.45.
Towards the downside, breaching below the MYR3 support would lead to the kick-off of a correction phase.
