Avaland is set to propel upwards further after undergoing a technical breakout above the MYR0.365 resistance level yesterday, on a surge in trading volume.
As it is riding above the 21-day SMA line, expect the stock to trend higher towards the 5-year high of MYR0.41, followed by the MYR0.525 next resistance level.
On the flip side, falling below the MYR0.33 support would negate the bullish setup, as it would then be trading below the SMA line.
Ahmad Zaki Resources is eyeing a technical breakout after testing the MYR0.25 for the past week, while remaining above the ascending 21-day SMA line.
If a breakout occurs, the bullish momentum should drive the stock towards the YTD high of MYR0.29, followed by the next resistance point of MYR0.33.
However, falling below the MYR0.22 support would reverse the momentum, as the counter be trading below the SMA line and forming a “lower low” bearish structure.
