Mynews Holdings is set to rebound upwards further, after it strongly breached the immediate resistance of MYR0.425 yesterday – printing a bullish “Marubozu” candlestick while forming a “higher high” bullish pattern. The bullish bias above that level is expected to propel the stock towards MYR0.46, or 30 Jun’s high, then the MYR0.48 level (29 Jun’s high). If it falls below the MYR0.395 support, the recent uptrend reversal may be void as it forms a “lower low” bearish pattern – while likely dropping below the 21-day average line.

Source: RHB Securities Research - 10 Aug 2022