Bank Islam Malaysia is set for a technical rebound, as it bounced off the 21-day average line and pushed past the MYR2.65 resistance yesterday on stronger trading volume. Bullish bias above that level may bring the stock higher towards the MYR2.82, ie 16 Jun’s high, before propelling higher towards the MYR3.00 mark. However, the counter may move downwards if it drops below the MYR2.55 support, forming a “lower low” bearish pattern below the average line.

Source: RHB Securities Research - 29 Dec 2022