Ancom Nylex is set to propel higher as it bounced off the support to reclaim the area above the previous breakout point of MYR0.97 yesterday – firming up the bullish bias above the breakout point. Bullish bias above that level may drive the counter north further, towards 17 Aug’s high of MYR1.02, followed by MYR1.09 or 2 Aug’s high. If it falls below the MYR0.90 support, the momentum may reverse direction, as it forms a “lower low” bearish pattern below the average line.

Source: RHB Securities Research - 22 Sept 2022