Press Metal Aluminium Holdings attempted to rebound from the recent retracement point last week, as it bounced off the support and eyed the MYR5.47 resistance level – forming a “higher low” bullish pattern. If it reclaims the area above that threshold, a counter-trend rebound may take it to the resistance level of MYR5.84, followed by MYR6.05. However, the stock may continue its downtrend if it falls below the MYR5.00 support threshold, thereby forming a “lower low” bearish pattern.

Source: RHB Securities Research - 23 May 2022