Marine & General is set for an uptrend reversal after undergoing a bullish breakout above the MYR0.28 resistance yesterday on strong trading volume.
RHB Retail Research in a note today (Apr 18) said the stock has rebounded above the 21-day SMA line, solidifying its uptrend towards the immediate resistance point of MYR0.32, followed by the next resistance level of MYR0.42.
On the flip side, falling below the MYR0.26 support would negate the bullish setup.
The upward-trending structre of IFCA MSC has been confirmed after the stock breached a key resistance level on strong volume.
The counter climbed above the MYR0.35 resistance with a strong bullish candlestick – signalling the resumption of the uptrend.
Riding on this strong bullish momentum, expect a follow-through price action to test the next resistance of MYR0.41, followed by MYR0.44.
Breaching below the MYR0.32 support would result in the resumption of the correction phase.
