Censof Holdings is set to resume its bullish momentum as it bounced off the support and breached the MYR0.30 resistance yesterday with surging trading volume – indicating that strong buying interest has emerged. Assuming the buying interest sustains, the stock may propel further towards the MYR0.325 resistance, or 8 Jun’s high, followed by the MYR0.34 next resistance, which was 11 Feb’s high. However, the stock may reverse direction if it falls below the MYR0.28 support – forming a “lower low” bearish pattern, below the 21-day average line.

Source: RHB Securities Research - 1 Jul 2022