MBM Resources’s recent bullish momentum is poised to stay put, as it attempted to move past the recent high of MYR3.27 on Friday, thereby printing a “White Marubozu” bullish candlestick. It registered a “Breakaway Gap” on 28 Feb, and continued to climb upwards until the latest session. If it manages to surpass the recent high of MYR3.27, the bulls are expected to propel it towards MYR3.40, followed by MYR3.52. Conversely, falling below the MYR3.21 support should trigger selling pressure, printing a “lower low” bearish pattern amid “filling the gap”.
Source: RHB Securities Research - 7 Mar 2022
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