Samaiden Group is set to propel upwards as it bounced off the 21-day average line and pushed past the immediate resistanceturned-support level of MYR0.72 yesterday – forming a “higher high” bullish structure on surging volume. If the breakout is sustained, the bullish momentum may propel further towards the MYR0.76 point (6 Apr’s high), followed by MYR0.815 ie the high of 15 Feb. However, the counter may reverse direction if it falls below the MYR0.675 support, as it is trading below the average line while forming a “lower low” bearish structure.

Source: RHB Securities Research - 14 Sept 2022