Stock Picks Of The Day –  Zantat Holdings, Sunway

Zantat Holdings has been in a consolidation phase since midApril, hovering between the MYR0.455 and MYR0.515 range.

If it manages to break past MYR0.515, the sideways consolidation movement would shift to an uptrend, heading towards MYR0.56 – the highest point since its debut this year – before potentially reaching a new high level at MYR0.60.

On the flip side, falling below the MYR0.455 support will negate the bullish setup as it would then be trading below the consolidation phase.

Sunway is set to propel higher after experiencing a technical breakout above the MYR3.58 immediate resistance with strong trading volume – forming a “higher high” bullish pattern.

As the stock is trading above the ascending 21-day SMA line, expect it to climb higher towards the MYR3.80 level, followed by the MYR4 mark.

However, falling below the MYR3.35 support will reverse the momentum as the counter will trade below the SMA line and form a “lower low” bearish structure.

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