FM Global Logistics Holdings is likely to rebound higher as late buying interest emerged yesterday to reclaim the MYR0.585 resistance level – forming a “higher low” bullish pattern above the 21-day average line. If it manages to sustain above that level, the bullish bias may propel it further towards the MYR0.62 recent high (9 Sep’s high), followed by MYR0.67, or 14 Apr’s high. However, the counter may reverse direction if it falls below the MYR0.565 support – trading below the average line while forming a “lower low” bearish structure.

Source: RHB Securities Research - 23 Sept 2022