KESM Industries is poised to jump above the consolidation phase of MYR8.00 as it rebounded from its intraday low to maintain above the 21-day average line last Friday. If the buying interest re-emerges to surpass the consolidation level, the stock may propel further towards the MYR8.50 strong resistance. This will then be followed by the next resistance at MYR9.07. If it falls below the immediate support of MYR7.60 – negating the consolidation phase – the stock may trend downwards.
Source: RHB Securities Research - 30 May 2022
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