Nylex is set to resume its recent counter-trend rebound as it inched higher to breach the MYR0.30 mark last Friday with strong trading volume – also printing a “White Marubozu” bullish candlestick. If the buying interest sustains, the stock may propel towards the MYR0.325 resistance, or 29 Jun’s high, followed by the MYR0.365 next resistance, which was 29 Apr’s high. However, the stock may reverse direction if it falls below the MYR0.265 support – forming a “lower low” bearish pattern.

Source: RHB Securities Research - 4 Jul 2022