UEM Sunrise is undergoing a strong correction, heading towards the immediate support.
RHB Retail Research (RHB) in a note today (Aug 6) said the stock kicked off downward movement after it fell below the 21-day SMA line.
In the event that it falls below the MYR0.855 support level, it could decline further towards the next support at MYR0.76.
On the other hand, if it climbs above the MYR0.94 resistance level, the stock could see a technical rebound towards the next resistance at MYR1.
Hibiscus Petroleum may see a technical breakout, after hitting a multi-month low.
The counter has been moving on "lower low" patterns since it fell below the 21-day SMA line.
If it dips below the MYR2.10 support level, the counter may extend its correction towards the MYR2 level.
On the upside, if the stock climbs above the MYR2.18 resistance, it could see a technical rebound towards the MYR2.30 resistance level.