Nestcon is eyeing to rebound above the sideways consolidation phase as it gradually inched higher recently to draw the candlestick above the 21-day average line – heading towards the MYR0.445 nearest resistance. Coupled with the “higher low” bullish pattern above the average line, the surging trading volume yesterday may signal strong buying interest following through in the coming sessions. If it manages to break above the immediate resistance level, the stock may propel higher towards the MYR0.50 threshold, followed by the next resistance level at MYR0.55. If it falls below the MYR0.415 support, the bullish momentum would reverse, as it forms a “lower low” bearish pattern beneath the average line.
Source: RHB Securities Research - 1 Nov 2022
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Created by rhbinvest | Apr 25, 2024