Bermaz Auto is expected to rebound higher following the recent pullback as it managed to sustain above the recent breakout level of MYR2.08 and also the 21-day average line, amid lower trading volume indicating weak selling pressure. We expect the buying interest to re-emerge in the later sessions which would see the stock rebound towards the MYR2.20 resistance, followed by MYR2.40, ie near its historical high. However, the counter may move downwards if it drops below the MYR2.00 support, as it heads to trade below the short-term average line besides forming a “lower low” bearish pattern.
Source: RHB Securities Research - 19 Jan 2023
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