Malaysian Bulk Carriers is eyeing a technical breakout as it inched higher during the latest session, closing near the MYR0.54 immediate resistance – following the recent sideways movement. If a breakout happens, buying pressure above that point should push the stock towards the next resistance at MYR0.57, and then the MYR0.60 threshold. If it falls below the support level of MYR0.50, the stock will likely move downwards, forming a “lower low” bearish pattern, and trading below the 21- day average line.

Source: RHB Securities Research - 25 Apr 2022