Melewar Industrial may rebound further after rebounding above the 21-day SMA line while testing the MYR0.275 immediate resistance. If a breakout above that level happens, the bullish reversal pattern may drive the stock towards MYR0.295, followed by the next resistance of MYR0.31. On the other hand, falling below the MYR0.255 support would lead to a resumption of the bearish phase.
Source: RHB Securities Research - 6 Dec 2023
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Created by rhbinvest | Nov 07, 2024