Bank Islam Malaysia is set for an upward move after breaching above the immediate resistance following the recent pullback. The stock has climbed above the MYR2.44 immediate resistance on strong volume – forming a fresh “higher high” bullish pattern. The price action shows the renewed momentum should propel it towards the MYR2.73 resistance, followed by the MYR3 mark. In the event it falls below the MYR2.32 support, this would invalidate the bullish setup.

Source: RHB Securities Research - 27 Feb 2024