Possible for chart pattern breakout. CYL is staging a potential breakout from its descending triangle chart pattern. Corresponding RSI and MACD indicators remain healthy while trending sideways, with anticipation of continuous improvement in both momentum and trend in the near term. Should immediate resistance level of RM0.595 be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance level of RM0.630.
However, failure to hold on to support level of RM0.550 may indicate weakness in the share price and hence, a cut-loss signal.
Source: PublicInvest Research - 3 Aug 2021
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Created by PublicInvest | Apr 22, 2024