Datasonic Group is set to rebound higher as it bounced off the MYR0.495 immediate resistance yesterday – firming up its “higher low” bullish pattern above the 21-day average line. If the bullish momentum sustains above that level, buying interest may drive the stock towards the next resistance of MYR0.535, or the high of 2 Sep, before propelling further towards the MYR0.59 – 23 May’s high. If it falls below the MYR0.455 support, the stock may undergo a reversal, as it forms a “lower low” bearish pattern, heading towards below the 21-day average line.
Source: RHB Securities Research - 14 Oct 2022
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