Hengyuan Refining is making a push for a breakout, showing strong signs of bullish momentum. The stock recently printed a bullish candlestick on high volume, crossing above the 21-day SMA line. If it manages to surpass the immediate resistance at RM2.13, it will confirm the bullish setup. Should this happen, the stock could test further resistance levels at RM2.22 and RM2.30. However, if it falls below the support level of RM1.98, the downward trend may resume.
Jaya Tiasa is also showing promise, having staged a breakout on high volume. The stock closed above the RM1.10 resistance, confirming a strong bullish setup. With the underlying momentum remaining robust, it is expected to continue rising, potentially testing the next resistance levels at RM1.17 and RM1.25. On the downside, a breach below RM1.03 would negate the bullish outlook.
Both stocks are presenting favourable conditions for traders looking for bullish opportunities. However, close attention to support levels is recommended to manage potential risks.