Teo Seng Capital is poised to extend the bullish trajectory after breaking past the resistance on strong volume.
RHB Retail Research (RHB) in a note today (Aug 20) said the stock managed to break past the MYR1.98 resistance to form a fresh
"higher high" bullish candlestick.
Trading volume has been increasing in tandem with the share price, showing a strong bullish momentum is underway.
The counter may continue to travel upwards, testing the next resistance at MYR2.15, followed by the MYR2.35 level.
In the event it breaches the MYR1.88 support, the bullish setup is negated.
PA Resources is eyeing to resume the upside movement after climbing above the 21-day SMA line, RHB said.
The counter managed to break past the short-term moving average line and closed above the MYR0.34 resistance to confirm a bullish momentum is in play.
Riding on the renewed momentum, they expected a followthrough price action to test the next resistance at MYR0.36, followed by the MYR0.38 level.
Conversely, breaching the MYR0.315 support kicks off the correction phase.
