Hwa Tai Industries is poised to climb upwards as it move past the MYR0.62 resistance yesterday – hitting the 21-day average line. If a breakout above that level happens, the stock may propel further towards the next resistance set at MYR0.69. This is followed by MYR0.75 – the YTD high. If it falls below the support threshold of MYR0.58, selling pressure may emerge, as this forms a “lower low” bearish pattern.
Source: RHB Securities Research - 20 May 2022
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