![](https://research.osk188.com/images/94/wShJ213085716450cfc76095dc6.jpg)
Since AEON created a massive 'Long Legged Doji' bearish reversal pattern a few weeks ago, the stock has been in consolidation mode until last week's rebound emerged. This rebound may be perceived as an initial sign of the end of its consolidation phase but would only be confirmed if it can break above the peak represented by the 'Long Legged Doji' situated at RM13.18.
Nevertheless, as long as AEON is still trading below RM13.18, there is still risk of the stock retracing further, especially after it violates the RM11.50 and RM11.00 levels, which represent the mid- and opening points respectively of the 'Long White Day' created on the first week of October this year.
Note that during the 2009-2011 period, AEON was trending along the 50-week MAV line, and the uptrend only began to become steeper in early 2012. There is a possibility that the uptrend will be neutralized back towards the 50-day MAV line, especially with the creation of the massive 'Long Legged Doji'.
Hence, from the current level, look RM11.50 and RM11.00 as the immediate support levels. To the upside, the only remaining resistance would be the RM13.18 historic peak.