Global Oriental is set to rebound higher as it experienced a technical breakout yesterday – surpassing the MYR0.31 resistance level on improved trading volumes and forming a “higher high” bullish structure. If the breakout sustains, the bullish bias may propel the stock towards the MYR0.34 next resistance or 5 Jul’s high. This is followed by MYR0.39, which was 30 May’s high. However, the counter’s uptrend movement may reverse if it falls below the MYR0.285 support, as it may form a “lower low” bearish pattern below the 21-day average line.

Source: RHB Securities Research - 26 Jul 2022