Choo Bee Metal Industries is set to propel northwards as it broke above the MYR2.22 resistance on improved trading volumes yesterday. The strong buying interest above that level may propel the stock towards the MYR2.41 resistance. This is then followed by the MYR2.54 next resistance, ie the highest point seen since Jun 2021. Meanwhile, a drop below the MYR2.13 support may reverse the momentum southwards, as it forms a “lower low” bearish structure below the 21-day average line.
Source: RHB Securities Research - 26 May 2022
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