CMSB gained 23.0 sen (+7.88%) yesterday to close at RM3.15.
We believe that the stock is poised to advance higher given yesterday’s breakout from previous swing high of RM2.97 coupled with the positive signals from key momentum indicators. 20-day SMA appears to be crossing above the 50-day SMA further reinforcing the bullish outlook.
Expect CMSB to test resistance level of RM3.37 (R1) and should it break above this level, we look towards RM3.57 (R2) as the next resistance.
Downside supports can be found at RM2.97 (S1) and RM2.48 (S2).
D&O (Not Rated)
D&O gained 3.0 sen (+4.3%) to close at RM0.730 on increased trading volume of 2.8m shares.
Yesterday’s close marked a decisive breakout from the key resistance level of RM0.705 which it had retested multiple times previously, to suggest the share price is poised for an upwards trending.
Positive momentum indicators such as MACD-signal line crossover as well as RSI inflecting away from the oversold zone, all to signal a return of buying interest.
Should RM0.740 (R1) be taken out next, further gains could then be expected towards RM0.800 (R2).
On the downside, an immediate support can be found at RM0.705 (S1), which is a resistance-turned-support level, RM0.675 (S2) next.
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