Hong Seng Consolidated firmed up its countertrend rebound as it bounced off the 21-day average line and printed a “Three White Soldiers” bullish candlestick last Friday – breaching above the MYR3.11 resistance level. Bullish momentum above that level may push the stock towards the recent high level of MYR3.39, followed by the next resistant point of MYR3.58. In the event that it falls below the MYR2.99 support or its previous breakout level, the positive momentum may fade as it heads below the 21-day average line.

Source: RHB Securities Research - 14 Mar 2022