DAILY TRADING STOCKS: MBMR, MWE, DELEUM, STEMLFE, YTLPOWR, ESSO

MBM Resources’ correction may end if it can close above the psychological RM3.00. Purchases can be made on close above this level with a stop loss on close below the recent low of RM2.80. The price target is last week’s intraday high of RM3.20, followed by the all-time high of RM3.50.  The failure to violate the RM3.00  would show that the negative bias still dominates. A close below RM2.80 will confirm the continuation of selling, and support lies at RM2.65 and RM2.45.

MWE is likely to trade higher after closing at  an  all-time high last Friday. Positions can be initiated on close above last Friday’s high of RM1.51, with a close below the broken  resistance of RM1.46 as a stop loss.  The price target is RM1.80.  The trade may not work should the stop loss  be triggered but expect strong support at RM1.37.

Deleum may resume its uptrend if it can violate  the  2-month resistance level of RM2.64. Thus, purchases can be made on close above last week’s high of RM2.67 with a close below RM2.60 as  a stop loss.  The price target is RM2.80 and RM2.95.  However, the trade will not work should the stop loss  be triggered but strong support is expected at RM2.30.

Stemlife may trade higher after closing the highest in more than 2 years. Purchases can be made on close above last Friday’s high of RM0.425 or if possible, on pullback toward  the  stop loss of RM0.375.  The price target is  the  psychological RM0.50. The trade may not work out should the stop loss  be triggered and expect strong support at RM0.35.

YTL Power may have staged a false breakdown after it  closed back above the broken support of RM1.65 for 2 consecutive days. Purchases can be made at the current level with a stop loss on close below the 2-day low of RM1.62. A conservative trade may wait until a close above RM1.75 before entering.  The price  targets are the resistance levels of RM1.90 and RM2.00.  However, the downtrend will likely resume should the stop loss  be triggered and support  is located at RM1.50 and RM1.40.

Esso may trade lower after closing below the support level of RM3.50 last Friday. Liquidation can be made on pullback toward RM3.50 or otherwise, on successful violation of the RM3.30 support level. Further support  is expected at RM3.00 and RM2.70. A close back above RM3.60 will nullify the bullish bias and resistance is expected at this year’s high of RM3.90.

Source: OSK