CYL Corporation is set to recoup the YTD high as it bounced off the 21-day average line, reclaiming the recent breakout level of MYR0.695 yesterday. This firmed up the “higher low” bullish pattern above the average line. If buying interest remains put above that breakout level, the stock may inch higher towards MYR0.74 – the high of 13 Oct – before reclaiming the YTD high of MYR0.795 (recorded on 22 Sep). If it falls below the MYR0.63 support, the stock may undergo a downward reversal, as it forms a “lower low” bearish pattern beneath the average line.

Source: RHB Securities Research - 19 Oct 2022