Boustead Holdings is set to propel northwards as it jumped strongly to surpass the MYR0.77 immediate resistance yesterday, coupled with significant trading volume. The bullish bias above that level is expected to drive the stock towards the MYR0.89 resistance, followed by the MYR0.985 next resistance – Dec 2019’s high. However, the stock may move downwards if it falls below the MYR0.735 support, as it forms a “lower low” bearish pattern, below the 21-day average line.
Source: RHB Securities Research - 2 Jun 2022
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