Malaysian Bulk Carriers is set to propel higher, as it formed a technical breakout above the MYR0.505 level yesterday on improved volume – printing a “White Marubozu” bullish candlestick. Coupled with a “higher high” bullish structure, buying pressure above that level may drive the stock towards the next resistance of MYR0.54, followed by MYR0.57. Meanwhile, a fall below the next support level of MYR0.485 may trigger the resumption of a downward correction, as it forms a “lower low” bearish structure.

Source: RHB Securities Research - 5 Apr 2022