Poh Kong is set to initiate a positive rebound after it jumped above the consolidation phase of MYR0.81 last Friday – forming a “higher high” bullish pattern below the 21-day average line. In in the immediate term, the stock is expected to climb towards the MYR0.845 resistance. This is then followed by the next resistance of MYR0.87. Meanwhile, a drop below the MYR0.79 support may reverse the momentum as it forms a “lower low” bearish structure below the average line.

Source: RHB Securities Research - 23 May 2022