Tambun Indah Land is expected to rebound higher despite the intraday profit taking last Friday since it successfully breached the MYR0.725 immediate resistance that day on strong trading volume – forming a “higher high” bullish pattern. Since it has sustained above the breakout level despite the intraday pullback, the stock is likely to resume an uptrend towards the MYR0.81 resistance, or 26 Sep’s high, followed by the MYR0.85 level, which was 14 Sep’s high. The momentum may reverse if it drops below MYR0.71 – forming a “lower low” bearish pattern, below the average line.

Source: RHB Securities Research - 29 Nov 2022