Bermaz Auto poised to to resume its uptrend reversal as strong buying pressure kicked in last Friday amid a recent pullback – thereby printing a “higher low” beneath the MYR1.77 immediate resistance. If buying interest follows through above the immediate resistance, the stock is expected to retest the 52- week high of MYR1.86, followed by the MYR2.00 threshold. Conversely, falling below the immediate support of MYR1.66 may trigger the resumption of a downward correction as it forms a “lower low” bearish pattern below the average line.

Source: RHB Securities Research - 21 Mar 2022