Bermaz Auto is ready to resume the upward movement after it rebounded strongly from the pullback yesterday – bouncing off the MYR1.83 support, ie also the previous breakout level. Since buying pressure has re-emerged to defend the recent breakout, the bullish bias above that level is expected to persist. The bulls may drive the stock towards the MYR1.96 recent high, before marking it at MYR2.04, which is the 31 Oct’s high. If it falls below the MYR1.78 support, the stock may see a reversal in momentum as it forms a “lower low” bearish pattern, below the average line.

Source: RHB Securities Research - 29 Sept 2022