Carimin Petroleum is set for an uptrend reversal after staging a bullish breakout above the MYR0.88 resistance yesterday – coupled with strong trading volume.
RHB Retail Research in a note today (Apr 16) said the stock has rebounded above the 21-day SMA line, solidifying its uptrend towards the next resistance at the recent high of MYR0.95, followed by the MYR1 mark.
On the flipside, falling below the MYR0.85 support will negate the bullish setup.
Salcon has confirmed the bullish reversal setup after breaking past a key resistance on strong volume.
The counter climbed above the MYR0.275 resistance with a “White Marubozu” bullish candlestick – signalling that the consolidation phase is over.
Riding on this strong bullish momentum, expect a followthrough price action to test the next resistance at MYR0.32, followed by MYR0.36.
On the other hand, breaching below the MYR0.25 support will resume the correction phase.
