Kelington Group is set to rebound higher as it strongly bounced off the 21-day average line and reclaimed above the previous breakout level, ie the MYR1.34 immediate resistance. Note: The stock printed a “gap up” on 11 Nov amid the breakout, which later saw it close the gap amid the pullback. As it has now reclaimed back above the breakout mark, we will likely see the counter being propelled further towards the MYR1.43 immediate resistance, followed by the MYR1.48 next resistance, which was 15 Sep’s high. The momentum may be reversed if it drops below MYR1.30 – forming a “lower low” bearish pattern beneath the average line.
Source: RHB Securities Research - 24 Nov 2022
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