Media Prima is poised to rebound higher from a recent pullback, as it attempted to move past the MYR0.565 point last week before undergoing a mild retracement on Friday – above the 21-day average line. If it manages to breach above that level – forming a “higher high” bullish pattern - the stock is expected to travel towards the recent high of MYR0.605, followed by the MYR0.625 or Sep 2021’s high. Conversely, falling below the immediate support of MYR0.51 may trigger the resumption of a downward correction beneath the 21-day average line.

Source: RHB Securities Research - 14 Mar 2022