Stock Picks Of The Day – Infoline Tec, ITMAX SYSTEM

Infoline Tec’s uptrend may be set for an extension, after the counter breached a key resistance level last week.

RHB Retail Research (RHB) in a note today (June 24) said it crossed above the MYR0.91 resistance on high trading volume.

The latest bullish breakout signifies that a consolidation phase has completed, so traders can expect a follow-through price action to test the next resistance of MYR1, followed by MYR1.10.

On the flip side, falling below the MYR0.82 support would negate the bullish setup.

ITMAX SYSTEM’s uptrend may be extended post a bullish breakout.

The counter has climbed above the MYR2.45 resistance to form a fresh “higher high” bullish candlestick.

The rising 21-day SMA line indicates that the short-term trend is a bullish one.

An extension of the bullish structure should see the counter travel towards MYR2.65, followed by MYR2.80.

Conversely, breaching below the MYR2.33 support will nullify the bullish expectation.

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