EP Manufacturing is poised for an uptrend rebound, as it rebounded strongly from from the recent pullback, eyeing to hit the MYR1.05 resistance level – it is firming up above the 21-day average line. If it manages to break above that threshold, an uptrend resumption might be seen heading towards hitting the MYR1.10 mark and followed by the MYR1.15 next resistance. However, the stock may reverse to a downwards trend if it falls below the MYR0.98 support, as it forms a “lower low” bearish pattern, which is below the average line.
Source: RHB Securities Research - 26 May 2022
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