L&P Global is poised for a technical breakout after it bounced off the 21-day SMA line, eyeing to test the MYR0.48 resistance level with high trading volume.
RHB Retail Research (RHB) in a note today (June 13) said if it manages to surpass that level, the bullish momentum is likely to persist, driving the counter towards the recent high of MYR0.50, followed by the next resistance at MYR0.53.
However, a fall below the MYR0.45 support would negate the bullish setup, as the counter would then be trading below the SMA line.
Astro Malaysia Holdings is poised to trend higher after climbing to test the MYR0.39 immediate resistance with high volume.
If the breakout happens, the bullish momentum may propel the stock towards the immediate resistance of MYR0.44, followed by the next resistance at MYR0.475.
However, a fall below the MYR0.36 support would reverse the momentum as the counter would be trading below the SMA line.
