Betamek is poised for an uptrend reversal as it bounced off the 21-day average line and was headed for the MYR0.535 immediate resistance level yesterday, while trading intensified. If it breaches that point, the bullish bias above that level may push the stock higher towards the MYR0.61 resistance – the highest level since 31 Oct’s, followed by MYR0.755 or 27 Oct’s high. Conversely, the stock may reverse direction towards the average line if it falls below the MYR0.47 support, forming a “lower low” bearish structure beneath the average line.

Source: RHB Securities Research - 13 Dec 2022