Edelteq Holdings is set for an uptrend reversal after rebounding off the 21-day SMA line and moving past the MYR0.39 immediate resistance yesterday – with strong trading volume.
The bullish momentum above the breakout level would see the counter trend higher towards the MYR0.43 resistance (14 Nov 2023’s high), followed by the next resistance at MYR0.49, ie 5 Sep 2023’s high.
On the flip side, falling below the MYR0.365 support negates the bullish setup, as it would then be trading below the SMA line.
SFP Tech Holdings is poised for an uptrend reversal after bouncing off the 21-day SMA line and testing the MYR0.875 resistance on strong trading volume.
If a breakout above that level happens – forming a “higher high” bullish pattern – the bullish momentum will drive the stock higher towards the MYR0.94 resistance, followed by the MYR1.02 next resistance, ie 13 Dec 2023’s high.
However, falling below the MYR0.79 support will reverse the momentum, as the counter would trade below the SMA line and form a “lower low” bearish structure.
