SALCON rose by 1.5 sen (+5.56%) yesterday to close at RM0.285 on stronger-than-average trading volume.
The share is bullish as shown by the formation of two “Golden Cross” as the 20 and 50-day SMAs crossed above the 100- day SMA.
Coupled with a bullish MACD crossover that occurred this month, the share is likely to pose more upside movements.
Expect the share to test resistance at RM0.315 (R1) and RM0.335 (R2).
Conversely, downside supports can be found at RM0.260 (S1) and RM0.240 (S2).
MYEG (Not Rated)
MYEG declined by 2.0sen (-1.55%) to close at RM1.27.
The share has been facing downward pressure since late September; however buying interest resumed in mid-December and brought the share to trade above its 20-day SMA.
Notably, momentum indicators are leaning towards an upside bias with the potential formation of a “Golden Cross”, as the 20- day SMA continues trending upwards.
From here, should buying momentum persist, we expect the share to advance towards RM1.40 (R1) and RM1.60 (R2).
Conversely, downside risks are identified at RM1.15 (S1) support level and RM1.05 (S2).
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