EG Industries is eyeing for a major uptrend reversal, after bouncing off the 21-day SMA line, rising towards the MYR1.57 immediate resistance, while forming a “White Marubozu” bullish candlestick. If a bullish breakout occurs, the bullish momentum may drive the stock higher towards the YTD high of MYR1.74, followed by MYR2. Conversely, a fall below the MYR1.30 support signals a reversal of the positive trend, as the counter’s price will trade below the SMA line and form a “lower low” bearish pattern.
Source: RHB Securities Research - 18 Oct 2023
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Created by rhbinvest | Sep 27, 2024