JF Technology is eyeing a bullish reversal as it was poised for a breakout above the MYR0.66 level last Friday, after bouncing off the 21-day average line and hitting that spot, on higher trading volume. If a breakout above that level happens – forming a “higher high” bullish structure above the average line, we expect the bulls to push the stock towards MYR0.755 or 13 Sep’s high, followed by 15 Aug’s high of MYR0.82. Conversely, the bullish momentum may be reversed if it drops below the strong support of MYR0.615, forming a “lower low” bearish structure below the average line.

Source: RHB Securities Research - 14 Nov 2022