Kelington Group underwent strong selling pressure, and attempted to bounce off the support level of MYR1.25. After a strong rally, the stock pulled back for a consolidation near the 21-day SMA line. The bullish setup should remain in place, if the stock stays above the moving average line. In the event it drops below the MYR1.25 support, it may correct towards the support level of MYR1.19. On the flip side, should the bullish momentum push it past the MYR1.31 resistance, the stock may trend towards the next resistance of level of MYR1.38.

Source: RHB Securities Research - 23 Aug 2022