LGMS is poised for an upward rebound as it bounced off the 21- day average line and attempted to surpass the MYR1.19 immediate resistance yesterday – forming a “higher low” bullish pattern above the average line. If a breakout happens above that resistance level, the bulls are expected to propel higher towards the recent high level at MYR1.30 or 13 Sep’s high, followed by the MYR1.45 historical high. However, the bullish reversal may lose steam if it falls below the MYR1.08 support, trading below the average line.

Source: RHB Securities Research - 21 Oct 2022