MYEG fell 6.0 sen (-3.73%) to close at RM1.55 yesterday.
Chart-wise, the share seems to be undergoing a correction since its remarkable July rally. We observed that its previous resistance turned support of RM1.48, near its 50-day SMA has been a reasonably sturdy support.
As such, we expect a rebound to happen around the 50-day SMA. While stochastic has entered the oversold territory, we note that RSI tends to remain around the mid-range during a correction of a rally which paints the picture of potential buying interest.
We look towards RM1.68 (R1) and RM1.80 (R2) as resistances. Conversely, immediate support can be identified at RM1.48 (S1), near the 50-day SMA and further down at RM1.32 (S2).
MEXTER (Not Rated)
MEXTER rose 1.0 sen (+2.38%) to close at RM0.430, backed by stronger-than-average trading volume.
Yesterday’s close saw MEXTER decisively breaking above the RM0.420 prior resistance level, resulting in a formation of a long bullish candlestick.
Technical picture is increasingly positive with the share remaining above all key SMAs, which are also in “golden cross” state.
Overhead key resistance can be identified at RM0.470 (R1) and further ahead at RM0.520 (R2).
Conversely, support levels can be found at an immediate support level of RM0.420 (S1) and RM0.380 (S2).
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