PMB Technology is preparing for an uptrend reversal as it bounced off strongly from the recent bottom to close positively last Friday – while aiming for the immediate resistance of MYR3.44. If the positive momentum resumes and breaches above the resistance level, an uptrend momentum could be established to boost the stock further towards MYR3.60, followed by the MYR3.75 resistance. Conversely, the downtrend below the 21-day average line may be resumed if it falls below the MYR3.13 support – negating the recent bullish candlestick pattern.

Source: RHB Securities Research - 18 May 2022