Ta Ann Holdings is set to propel upwards as it breached the sideways consolidation level of MYR4.05 and printed a “Bullish Marubozu” candlestick yesterday – forming a “higher high” bullish pattern above the 21-day average line. If the breakout is sustained, the uptrend may take the stock to the next resistance of MYR4.49, which is also 22 Jun’s high, followed by MYR4.85 (the high of 13 Jun). However, the stock may reverse direction if it falls below the MYR3.84 support – as it may form a “lower low” bearish pattern below the average line.

Source: RHB Securities Research - 7 Sept 2022