Gas Malaysia is poised for an uptrend reversal as it rebounded from the recent low recently, then pushed past the 21-day average line last Friday while eyeing the MYR3.03 immediate resistance. If a breakout happens, the bulls may renew their interest and propel the stock towards the next resistance of MYR3.15 (or the high of 23 May), followed by MYR3.23 or the high of 20 May. However, the stock may reverse direction if it falls below the MYR2.87 support or recent low – forming a “lower low” bearish pattern.
Source: RHB Securities Research - 12 Jul 2022
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