Theta Edge may initiate a positive rebound above its sideways consolidation phase of MYR0.91 as it bounced off the 21-day average line while attempting to hit the resistance level yesterday, with improved trading volume. If it breaks above that level, the bulls may drive the counter higher towards the YTD high of MYR1.01, followed by MYR1.11, which was Oct 2021’s low. If it falls below the MYR0.80 support, the momentum may reverse direction, as it forms a “lower low” bearish pattern below the average line.
Source: RHB Securities Research - 14 Sept 2022
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Created by rhbinvest | Apr 25, 2024