Bank Islam Malaysia is poised to demonstrate a counter-trend rebound as it bounced off the 21-day average line while attempting to hit the MYR3.00 consolidation phase. If it manages to surpass that consolidation level, the stock is set to rebound stronger towards the MYR3.11 resistance, followed by the MYR3.19 next resistance. Meanwhile, a drop below the MYR2.88 support may reverse the momentum southwards as it forms a “lower low” bearish structure, below the average line.

Source: RHB Securities Research - 13 May 2022