BARAKAH gained 1.0 sen (+7.14%) to close at RM0.150 yesterday on the back of above-average trading volume.
More notably, yesterday’s move represented a close above the 100-day SMA, a first since July 2017, which could indicate a potential reversal. Key momentum indicators are also displaying positive signals.
Should buying momentum continue; we look towards RM0.170 (R1) as the first resistance level and further to RM0.225 (R2) as the next.
Conversely, supports can be identified at RM0.125 (S1) and RM0.085 (S2).
CCM (Not Rated)
CCM rose 8.0 sen (+3.94%) to close at RM2.11, with 1.3m shares exchanging hand - double its 20-day average.
Technically, the share has been enjoying a steady uptrend since mid-August, with yesterday’s close resulting in a formation of a bullish Marubozu candlestick and a decisive breakout above its prior RM2.10 resistance level.
Momentum indicators appear supportive of a positive outlook as showcased by the MACD bullish convergence with minor upticks seen in RSI and Stochastic.
Key resistance to look out for in the near-term is RM2.20 (R1) with the next leg of "higher high" towards resistance level RM2.40 (R2).
Downside supports can be found at RM2.00 (S1) and RM1.90 (S2) further down.
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