BP Plastics Holding is set to propel upwards as it rebounded from the recent pullback, breaching above the MYR1.42 resistance on surging trading volume – forming a “higher high” with long bullish candlestick. The bullish bias above the breakout level may take the stock to the next resistance of MYR1.60, which is also 24 Apr’s high, and followed by MYR1.66 or the high of 1 Mar. However, the counter may reverse direction if it falls below the MYR1.35 support – as it may form a “lower low” bearish pattern below the average line.

Source: RHB Securities Research - 8 Sept 2022