Malaysian Bulk Carriers is attempting to rebound from the recent bottom as it bounced off the support towards hitting the MYR0.50 resistance level for five consecutive sessions. If it manages to reclaim above that threshold, a counter-trend rebound may occur to breach the MYR0.535 resistance, followed by Apr’s high of MYR0.565. However, the stock may continue its downtrend movement if it falls below the MYR0.48 support, as it forms a “lower low” bearish pattern.
Source: RHB Securities Research - 19 May 2022
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Created by rhbinvest | Apr 25, 2024