Cocoaland Holdings is set to propel towards a multi-year high after breaching the immediate resistance level of MYR1.29 on surging volume last Friday – printing a “higher high” bullish structure. If it manages to stay above that level, the bulls may bring the stock towards the next resistance of MYR1.36, followed by MYR1.42 level, ie the highest level since Oct 2017. However, the momentum may lose steam if it falls below the MYR1.21 support – to print a “lower low” bearish structure below the 21-day average line.
Source: RHB Securities Research - 14 Mar 2022
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