Malayan Flour Mills is poised for a counter-trend rebound as it bounced off the 21-day average line, hitting the MYR0.66 immediate resistance yesterday – coupled with strong volume. If it manages to move past that level, we expect the uptrend reversal to remain intact towards the MYR0.70 resistance, followed by MYR0.75. However, the momentum may lose steam if it falls below the MYR0.62 support, which would lead to the formation of a “lower low” bearish pattern.

Source: RHB Securities Research - 3 Mar 2022