Panda Eco System is set to trend upwards after bouncing off the recent breakout level of MYR0.27 on strong trading volume yesterday – firming up its “higher high” bullish structure above the 21-day SMA line.
RHB Retail Research in a note today (Mar 26) said the bullish momentum may persist and could drive the stock higher towards the all-time high of MYR0.30, before entering uncharted territory and testing the MYR0.40 mark.
However, a fall below MYR0.24 would invalidate the bullish bias.
MyNews Holdings is eyeing a technical breakout after bouncing off the 21-day SMA line while testing the immediate resistance of MYR0.525 yesterday, on the back of a surge in trading volume.
If a breakout happens, the stock may trend higher towards the MYR0.55 resistance and, potentially, MYR0.585 – the highest point since 3 Oct 2023.
On the contrary, a drop below the MYR0.505 support would increase the risk of a downtrend reversal, as it falls beneath the SMA line.
