Heng Huat Resources Group could retest the YTD high, as it breached the previous resistance of MYR0.38 last Friday and underwent a mild pullback yesterday to close above that breakout level. If it manages to stay above that point, the bulls might drive the stock towards the YTD high of MYR0.415 (recorded on 13 Sep), before trending north further towards MYR0.465 – the 4-year high. If it falls below the MYR0.36 support, the stock may undergo a reversal, as it forms a “lower low” bearish pattern below the 21-day average line.

Source: RHB Securities Research - 12 Oct 2022