KUALA LUMPUR (Aug 5): RHB Retail Research said ManagePay Systems Bhd is preparing to break away from the consolidation phase after it bounced off from below to above the 21-day SMA line recently.
In a trading stocks note today, the research house said if the stock manages to breach the immediate resistance of 26.5 sen – forming a “higher high” pattern – a bullish bias will appear.
“The stock may climb towards the recent high at 29.5 sen, followed by the multi-year high of 32 sen.
“Meanwhile, if it falls below the 23 sen support, this expectation will be cancelled,”it said.