Genting Malaysia is attempting to break out from the consolidation zone, retesting the MYR3.09 immediate resistance with high trading volume. Observe that the stock has been facing selling pressure near the immediate resistance but the bulls did not give up and staged a strong rebound. If it manages to break past the threshold, the bullish momentum may lift the stock towards MYR3.20, followed by MYR3.30 – its multi-month high. Meanwhile, MYR3.00 is acting as the strong support now.

Source: RHB Securities Research - 9 May 2022