Mah Sing Group is in the process of consolidating sideways near the 21-day average line – hovering between the MYR0.56 support and MYR0.59 resistance. If it manages to bounce off the MYR0.59 consolidation threshold, a follow-through bullish momentum should propel the stock towards the MYR0.615 resistance or 7 Dec 2022’s high – this is followed by the MYR0.65 mark. Conversely, the counter may reverse its direction if it falls below the MYR0.56 support, forming a “lower low” bearish structure below the average line.

Source: RHB Securities Research - 17 Jan 2023